Gold index has chances to retreat from two-week lows to which it slipped against the background of positive macroeconomic statistics from the US. Today, attention will be attracted to publish data on US GDP. And no matter what it is the second reading of the index. The fact that the expected revision numbers downward.
According to preliminary data, the growth in the 1st quarter was only 0.2% and it was due to the increase the volume of stocks in warehouses. Now it is expected that the numbers will be at the level of -0.8%. And it is quite possible, since the last inventory data showed a decrease in this indicator. It is due to this we are waiting for the revision downward. The weak figures may reduce demand for the dollar, and this can take advantage of assets denominated in it, showing growth.
Support and resistance levels
Support 1 1180,30
Support 2 1175,07
Current price: 1189,81
Resistance 1 1190,60
Resistance 2 1200,00
Gold index (XAU/USD) – buy gold – Buy the breakdown level of 1190.60. The purpose of 1199.80. Stop-Loss = 1180,30
Warning: Profitability in the past does not mean profitability in the future. Any projections are for informational purposes and do not guarantee the results obtained.