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September 30, 2020

U.S. Final GDP Q/Q Will Give Opportunity To Grab $10+ Movement In GOLD

U.S. Final GDP Q/Q

U.S. has planned to release final GDP data at 1230 GMT/1800 IST. There are 3 versions of GDP released a month apart – Advance, Preliminary, and Final. It’s the broadest measure of economic activity and the primary gauge of the economy’s health. If actual data comes higher than forecasted, it will be beneficial to U.S. dollar.

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

June 25

March 26

Technical View:

XAU/USD (GOLD): Gold depreciates ahead of U.S. ADP job data and final GDP. Today pair made intraday high at $1,899 and low at $1,881 mark. A sustained close above $1,897 requires for the upside rally. On the other side, consistent close below $1,897 will check key supports as well. Key support levels are seen around $1,876, $1,862, $1,854, $1,849, $1,840, $1,822, $1,809 and $1,787 mark respectively. Key resistances are seen at $1,899, $1,912, $1,922, $1,932, $1,940, $1,947, $1,957 and $1,972 marks respectively.

Take a look and do trade wisely!
Good Luck

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