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March 15, 2021

Gold back above $1,730 mark, U.S. Key Economic Data in Focus; March 15, 2021

U.S. Empire State Manufacturing Index

Today’s U.S. calendar is light and U.S. has scheduled to release Empire state manufacturing index data at 1230 GMT/1800 IST. It’s a leading indicator of economic health – businesses react quickly to market conditions, and changes in their sentiment can be an early signal of future economic activity such as spending, hiring, and investment. This data is derived via a survey of about 200 manufacturers in New York State which asks respondents to rate the relative level of general business conditions. If the actual reading comes above 50.0 which indicates improving conditions, below indicates worsening conditions.

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

Feb 16:

Jan 15:

Technical View:

XAU/USD (Gold): Gold rises noticeably in European hours and hovers around $1,730 mark. The pair made intraday high at $1,734 and low at $1,721 mark. Here a day chart with triple EMA is bearish for the long run while H1 chart signals the bullish trend for the short run. A sustained close above $1,732 on H1 chart requires for the upside rally. Alternatively, reversal from here will drag the parity down below $1,720 mark.

Key Resistances: $1,740, $1,748, $1,754, $1,762, $1,767

Key Supports: $1,722, $1,715, $1,708, $1,702, $1.691

Take a look and do trade wisely!
Good Luck

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