Key U.S. Indicators to Keep in Mind While Trading In Gold During U.S. Session; July 15, 2022
Key U.S. Indicators to Keep in Mind While Trading in Gold during U.S. Session
Today’s U.S. Session will remain busy as U.S. will release Retail Sales/Core Retail Sales data at 1230 GMT, Industrial Production data at 1315 GMT and Prelim UoM Consumer Sentiment Data at 1400 GMT. All the three data will be important to decide the further directions of the U.S. dollar and can analyze to predict the strength of the U.S. economy.
U.S. Retail & Core Retail Sales are the earliest and broadest look at vital consumer spending data. It’s the primary gauge of consumer spending, which accounts for the majority of overall economic activity.
U.S. Industrial Production is a leading indicator of economic health – production reacts quickly to ups and downs in the business cycle and is correlated with consumer conditions such as employment levels and earnings. And lastly Prelim UoM Consumer confidence is a leading indicator of consumer spending, which accounts for a majority of overall economic activity. It is derived via a 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:
- Gold trades marginally lower and touches $1,700 mark ahead of U.S. Key Fundamental data.
- The pair made intraday high at $1,716 and Low at $1,700 mark.
- A day chart and H1 chart with triple EMA suggest bearish trend for the time being.
- A sustained close above $1,714 on H1 chart requires for the upside rally.
- Alternatively, a consistent close below $1,702 on H1 chart will test further supports.
Take a look and do trade wisely!