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SpanishA Short Term Outlook: XAU/USD (Gold); Aug 23, 2022
Key U.S. Indicators to keep in mind while trading Gold during U.S. session
Today U.S. will release Flash PMI data at 1345 GMT/1915 IST and Richmond Manufacturing data along with New Home sales data scheduled at 1400 GMT/1930 IST.
Flash PMI is a leading indicator of economic health – businesses react quickly to market conditions, and their purchasing managers hold perhaps the most current and relevant insight into the company’s view of the economy. It is derived via a survey of about 800 purchasing managers which asks respondents to rate the relative level of business conditions including employment, production, new orders, prices, supplier deliveries, and inventories. While Richmond Manufacturing Index is result of a survey of about 55 manufacturers in the Richmond area which asks respondents to rate the relative level of business conditions including shipments, new orders, and employment.
Let’s see how gold has reacted during the previous data release:
July Results:
June Results :
Technical View:
XAU/USD (Gold):
- Gold enjoys roller coaster movement ahead of U.S. Key Fundamentals and trading around $1,735 mark.
- The pair made intraday high at $1,743 and Low at $1,734 mark..
- A day chart and H1 chart with triple EMA suggest bearish trend for the time being.
- A sustained close above $1,742 on H1 chart requires for the upside rally.
- Alternatively, a consistent close below $1,734 on H1 chart will test further supports.
| SUPPORTS | RESISTANCES |
| $1,732 | $1,744 |
| $1,728 | $1,749 |
| $1,721 | $1,754 |
| $1,716 | $1,760 |
| $1,711 | $1,767 |
Take a look and do trade wisely!
Good Luck
