U.S. PPI Data ahead, $9+ Volatility Expected in Gold; Nov 13, 2020
U.S. PPI & Core PPI Data
U.S. will publish PPI as well as Core PPI data around 1330 GMT/1900 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. This time markets expect unchanged PPI and Core PPI data. If the actual data comes higher than forecasted, it will be good for U.S. dollar.
Let’s see how Gold has reacted during the previous data release:
XAU/USD (Gold): Gold moves in rigid boundaries and consolidates around $1,880 mark. Today pair made intraday high at $1,882 and low at $1,874 mark. A sustained close above $1,902 requires for the upside rally. On the other side, consistent close below $1,861 will check key supports as well. Key support levels are seen around $1,857, $1,849, $1,840, $1,822, $1,809 and $1,787 mark respectively. Key resistances are seen at $1,892, $1,902, $1,917, $1,922, $1,940, $1,947, $1,967, $1,974, $1,982, $1,991, $1,999 and $2,000 marks respectively.
Take a look and do trade wisely!