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SpanishKey U.S. Fundamental to Keep in Mind While Trading in Gold during U.S. session: May 27, 2022
Key U.S. Fundamental to Keep in Mind While Trading in Gold during U.S. session:
Today U.S. has scheduled to release Personal Income and spending data at 1230 GMT/1800 IST and thereafter Revised UoM Consumer Sentiment data at 1400 GMT/1930 IST. Income is correlated with spending – the more disposable income consumers have, the more likely they are to increase spending. Consumer spending accounts for a majority of overall economic activity. It’s one of the most important gauges of economic health due to the vast ripple effect consumer buying creates in the economy.
Let’s see how gold has reacted during the previous data release:
April 29:
March 31:
Technical View:
XAU/USD (Gold):
- Gold trades in rigid boundaries and hovers around $1,860 mark.
- Today pair made intraday high at $1,860 and low at $1,848 mark.
- A day chart is down and H1 chart with triple EMA suggests up trend for the time being.
- A sustained close above $1,858 on H1 chart requires for the upside rally.
- Alternatively, a consistent close below $1,848 on H1 chart will test further supports.
| SUPPORTS | RESISTANCES |
| $1,848 | $1,864 |
| $1,842 | $1,870 |
| $1,836 | $1,876 |
| $1,832 | $1,882 |
| $1,826 | $1,889 |
Take a look and do trade wisely!
Good Luck
TP Global FX Research Team
With a decade of Forex Market insight, TP Global FX Research Team delivers you the Market Insight that boosts your Trading Skills