What to Expect from GOLD during U.S. Session?; June 08, 2022
What to Expect from Gold during U.S. Session:
Today U.S. session will remain light as U.S. will release only Wholesale Inventories data at 1400 GMT/1930 IST. It’s a signal of future business spending because companies are more likely to purchase goods once they have depleted inventories. There are 2 versions of this indicator released about a week apart – Preliminary and Final. ‘Actual’ less than ‘Forecast’ is good for currency.
Let’s see how Gold has reacted during the previous data release:
- Gold moves directionless and consolidates around $1,850 mark.
- The pair made intraday high at $1,853 and Low at $1,845 mark.
- A day chart and H1 chart with triple EMA suggest down trend for the time being.
- A sustained close above $1,852 on H1 chart requires for the upside rally.
- Alternatively, a consistent close below $1,846 on H1 chart will test further supports.
Take a look and do trade wisely!