U.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:
- 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.
Take a look and do trade wisely!