Key U.S. Indicators to Watch Out While Trading In Gold During U.S. Session; July 29, 2022
Key U.S. Indicators to keep in mind while trading in gold during U.S. Session
Today’s U.S. session will be hectic as U.S. has scheduled to release many key economic data. Firstly U.S. Personal Income & Spending Data will come out at 1230 GMT/1800 IST, then Chicago PMI data will come out at 1345 GMT/1915 IST and lastly Revised UoM Consumer Sentiment data will come out 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.
While Chicago PMI is a leading indicator of economic health – businesses react quickly to market conditions, and their purchasing managers hold perhaps the most current and relevant insight into the company’s view of the economy. It is derived via a survey of around 200 purchasing managers in Chicago which asks respondents to rate the relative level of business conditions including employment, production, new orders, prices, supplier deliveries, and inventories.
Let’s see how Gold has reacted during the previous data release:
- Gold strengthens on Friday and touches $1,767 mark.
- The pair made intraday high at $1,767 and Low at $1,752 mark.
- A day chart is down and H1 chart with triple EMA suggests up trend for the time being.
- A sustained close above $1,768 on H1 chart requires for the upside rally.
- Alternatively, a consistent close below $1,756 on H1 chart will test further supports.
Take a look and do trade wisely!