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SpanishU.S. PPI Data Due at 1230 GMT, $8+ Movement Likely in Gold; July 14, 2021
Today U.S. will release PPI and core PPI data 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, Food and energy prices make up about 40% of overall PPI which tends to mute the importance of the Core data.
Let’s see how Gold has reacted during the previous data release:
June 15:
May 13:
Technical View:
XAU/USD (Gold):
- The gold appreciates on Wednesday and remains well supported above $1,810 mark.
- The pair made intraday high at $1,815 and low at $1,804 mark.
- Currently, a day chart is bearish but H1 chart with triple EMA suggests bullish trend for the time being.
- A sustained close above $1,817 on H1 chart requires for the upside rally.
- Alternatively, a consistent close below $1,802 will check further supports.
| SUPPORTS | RESISTANCES |
| $1,802 | $1,815 |
| $1,794 | $1,821 |
| $1,789 | $1,827 |
| $1,784 | $1,832 |
| $1,776 | $1,837 |
Take a look and do trade wisely!
Good Luck
TP Global FX Research Team
With a decade of Forex Market insight, TP Global FX Research Team delivers you the Market Insight that boosts your Trading Skills