Gold Back Around $1,850 mark, U.S. Durable Goods Orders Data In Focus; Jan 27, 2021
U.S. Durable & Core Durable Goods Orders data
Today’s U.S. session will be the most awaited starting with the Durable Goods Orders and ending with FOMC Interest Rate Decision. Let’s start with key indicator first. U.S. Durable Goods Orders is a leading indicator of production – rising purchase orders signal that manufacturers will increase activity as they work to fill the orders. Durable goods are defined as hard products having a life expectancy of more than 3 years such as automobiles, computers, appliances and airplanes.
Let’s see how Gold has reacted during the previous data release:
XAU/USD (Gold): Gold hovers around $1,850 mark ahead of U.S. session opening. The pair made intraday high at $1,851 and low at $1,843 mark. A sustained close above $1,852 will check key resistances at $1,862, $1,867, $1,872 and $1,885 mark respectively. Alternatively, a consistent close below $1,845 will check key supports at $1,840, $1,832, $1,827 and $1,815 mark respectively.
Take a look and do trade wisely!