Key U.S. Fundamentals to Keep in Mind While Trading In Gold during U.S. Session, June 14, 2022
U.S. PPI & Core PPI Data
Today U.S. has scheduled to release PPI as well as Core PPI data at 1230 GMT/1800 IST. It’s a leading indicator of consumer inflation – when producers charge more for goods and services the higher costs are usually passed on to the consumer. Food and energy prices make up about 40% of overall PPI which tends to mute the importance of the Core data. If the Actual data is higher than forecasted, it will be good for U.S. dollar.
Let’s see how gold has reacted during the previous data release:
- Gold remains volatile on Tuesday and remains well supported below $1,830 mark.
- The pair made intraday high at $1,831 and Low at $1,812 mark.
- A day chart and H1 chart with triple EMA suggest down trend for the time being.
- A sustained close above $1,832 on H1 chart requires for the upside rally.
- Alternatively, a consistent close below $1,818 on H1 chart will test further supports.
Take a look and do trade wisely!