Key U.S. Indicators to Keep in Mind While Trading in Gold; Dec 22, 2021

Key U.S. Indicators to Keep in Mind While Trading in Gold

Today U.S. has scheduled to release Final GDP q/q data at 1330 GMT/1900 IST and thereafter U.S. Existing Home Sales Data at 1500 GMT/2030 IST.

The Final GDP is the broadest measure of economic activity and the primary gauge of the economy’s health. There are 3 versions of GDP released a month apart – Advance, Preliminary, and Final. The Advance release is the earliest and thus tends to have the most impact.

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

Sept 30:

June 24:

U.S. Existing Home Sales Results (1500 GMT/2030 IST):

It’s a leading indicator of economic health because the sale of a home triggers a wide-reaching ripple effect. For example, renovations are done by the new owners, a mortgage is sold by the financing bank, and brokers are paid to execute the transaction.

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

Nov 22:

Oct 21:

Technical View:

XAU/USD (Gold):

  • The Gold moves in rigid boundaries ahead of U.S. Final GDP results.
  • Today pair made intraday high at $1,791 and low at $1,785 mark.
  • A day chart and H1 chart with triple EMA suggest down trend for the time being.
  • A sustained close above $1,792 on H1 chart requires for the upside rally.
  • Alternatively, a consistent close below $1,786 will check further supports.
SUPPORTS RESISTANCES
$1,781 $1,792
$1,776 $1,798
$1,772 $1,804
$1,767 $1,809
$1,761 $1,814

Take a look and do trade wisely!
Good Luck