U.S. PPI & Core PPI Data May Create $5 – $20 Volatility In Gold
U.S. PPI & Core PPI Data
Today’s U.S. session will remain slightly busy as Central bank governor’s speeches (ECB and BOC) as well as U.S. PPI & core PPI data are scheduled to release. Here I am briefing you out regarding U.S. PPI and core PPI data scheduled at 1230 GMT/1800 IST. It’s a leading indicator of consumer inflation – when producers charge more for goods and services the higher costs are usually passed on to the consumer. In addition, U.S. will release unemployment claims weekly data too.
Let’s see how gold has reacted during the past data release:
XAU/USD (GOLD): Gold trades slightly up on Thursday. Today pair made intraday high at $1,952 and low at $1,942 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 $1,940, $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 $1,958, $1,970, $1,982, $1,994, $2,008, 2,020, 2,038 and $2,063 marks respectively.
Take a look and do trade wisely!