Grab $11+ Volatility in Gold During U.S. UOM Consumer Sentiment Data; Nov 13, 2020

U.S. Prelim UOM Consumer Sentiment

U.S. will publish UOM Consumer Sentiment data around 1500 GMT/2030 IST. Financial confidence is a leading indicator of consumer spending, which accounts for a majority of overall economic activity. This data is derived via survey of about 500 consumers which asks respondents to rate the relative level of current and future economic conditions.

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

Oct 16:

Sept 18:

Technical View:

XAU/USD (Gold): Gold trades flat ahead of U.S. economic data release. Today pair made intraday high at $1,882 and low at $1,874 mark. This is the third day as gold moves in stiff boundaries from $1,890 to $1,860 mark. A sustained close above $1,878 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 $1,857, $1,849, $1,840, $1,822, $1,809 and $1,787 mark respectively. Key resistances are seen at $1,892, $1,902, $1,917, $1,922, $1,940, $1,947, $1,967, $1,974, $1,982, $1,991, $1,999 and $2,000 marks respectively.

Take a look and do trade wisely!
Good Luck