Opportunity To Grab $10 In GOLD During U.S. Retail Sales Data
U.S. Retail Sales & Core Retail Sales Data
U.S. will release retails sales as well as core retail sales data around 1230 GMT/1800 IST. It’s the primary measure of consumer spending, which accounts for the majority of overall economic activity. On the other side, Automobile sales account for about 20% of retail sales but they tend to be very volatile and distort the underlying trend. The Core data is therefore thought to be a better gauge of spending trends. If actual data comes higher than forecasted, it will be beneficial to U.S. dollar. This time market has expected retail sales to come around 1.1 pct vs 1.2 pct previous release and core retail sales to release around 1.0 pct vs 1.9 pct previous release.
Let’s see how Gold has reacted during the previous data release:
XAU/USD (GOLD): Gold trades slightly up ahead of U.S. retail sales and FOMC interest rate decision data. Today pair made intraday high at $1,968 and low at $1,949 mark. A sustained close above $2,001 requires for the upside rally. Alternatively, reversal from key resistance will take the parity down towards key supports around $1,947, $1,932, $1,922, $1,910, $1,902, $1,890, $1,862, $1,840, $1,822, $1,809 and $1,787 mark respectively. Key resistances are seen at $1,972, $1,982, $1,994, $2,008, 2,020, 2,038 and $2,063 marks respectively.
Take a look and do trade wisely!