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September 29, 2020

Grab $10+ Volatility In Gold During U.S. Goods Trade Balance Data

U.S. Goods Trade Balance

U.S. will release goods trade balance data around 1230 GMT/1800 IST. Trade in goods makes up about 75% of total trade, and therefore provides early insight into the Trade Balance data reported about 5 days later. A positive number indicates that more goods were exported than imported.

Let’s see how Gold has reacted during the previous data release:

Aug 28

July 29

Technical View:

XAU/USD (GOLD): Gold rises noticeably on Tuesday and touches key resistance at $1,887 mark. The main event for the day will be FOMC member’s speeches. Today pair made intraday high at $1,887 and low at $1,875 mark. A sustained close above $1,881 requires for the upside rally. On the other side, consistent close below $1,861 will check key supports as well. Key support levels are seen around $1,849, $1,840, $1,822, $1,809 and $1,787 mark respectively. Key resistances are seen at $1,887, $1,894, $1,912, $1,922, $1,932, $1,940, $1,947, $1,957 and $1,972 marks respectively.

Take a look and do trade wisely!
Good Luck

TP Global FX Research Team

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