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SpanishKey U.S. Indicators to Keep In Mind While Trading In Gold During U.S. Session; Aug 25, 2022
A Short Term Outlook: XAU/USD (Gold)
Today U.S. will release Prelim GDP data q/q at 1230 GMT/1800 IST. While this is q/q data, it’s reported in an annualized format (quarterly change x4). The ‘Previous’ listed is the ‘Actual’ from the Advance release and therefore the ‘History’ data will appear unconnected. 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. It’s the broadest measure of economic activity and the primary gauge of the economy’s health.
Do keep in mind that U.S. Jackson Hole Symposium is also starting from today. It is an annual event. The Economic Policy Symposium, held in Jackson Hole, Wyoming, is attended by central bankers, finance ministers, academics, and financial market participants from around the world. The meetings are closed to the press but officials usually talk with reporters throughout the day. Comments and speeches from central bankers and other influential officials can create significant market volatility.
Let’s see how Gold has reacted during the previous data release:
May 26:
Feb 24:
Technical View:
XAU/USD (Gold):
- Gold touches $1,765 mark in early U.S. Session ahead of U.S. Prelim GDP data.
- The pair made intraday high at $1,765 and Low at $1,749 mark.
- A day chart is down and H1 chart with triple EMA suggests up trend for the time being.
- A sustained close above $1,764 on H1 chart requires for the upside rally.
- Alternatively, a consistent close below $1,750 on H1 chart will test further supports.
|
Supports
|
Resistances
|
|
$1,749
|
$1,768
|
|
$1,744
|
$1,772
|
|
$1,738
|
$1,778
|
|
$1,732
|
$1,782
|
|
$1,727
|
$1,789
|
Take a look and do trade wisely!
Good Luck
