Be Cautious Ahead of U.S. Durable Goods orders Data, $9+ movement is Expected in Gold; Oct 27, 2020
U.S. Durable Goods Orders & Core Durable Goods Orders
U.S. will publish key economic indicator at 1230 GMT/1800 IST. Durable goods are defined as hard products having a life expectancy of more than 3 years such as automobiles, computers, appliances and airplanes. It’s a leading indicator of production – rising purchase orders signal that manufacturers will increase activity as they work to fill the orders.
Let’s see how Gold has reacted during the previous data release:
XAU/USD (Gold): Gold moves in rigid boundaries and consolidates around $1,902 mark. Today pair made intraday high at $1,910 and low at $1,897 mark. The pair moves in stiff boundaries from $1,910 to $1,891 mark. A consistent break of either level can only show the further direction of the parity. A sustained close above $1,908 requires for the upside rally. On the other side, consistent close below $1,902 will check key supports as well. Key support levels are seen around $1,891, $1,882, $1,876, $1,864, $1,857, $$1,849, $1,840, $1,822, $1,809 and $1,787 mark respectively. Key resistances are seen at $1,914, $1,925, $1,932, $1,940, $1,947, $1,957 and $1,972 marks respectively.
Take a look and do trade wisely!