U.S. Retail Sales Data May Capture $8+ Movement In Gold; Nov 17, 2020

U.S. Retail Sales & Core Retail Sales

U.S. will publish sales data around 1330 GMT/1900 IST. It’s the primary gauge of consumer spending, which accounts for the majority of overall economic activity. If the actual data comes greater than forecasted, it will be beneficial for the U.S. dollar.

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

Oct 16:

Sept 16:

Technical View:

XAU/USD (Gold): Gold remained highly volatile in previous session on positive news of Covid – 19 Vaccines. Today pair made intraday high at $1,892 and low at $1,884 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!
Good Luck