Gold Hits Fresh 2 – Week Low at $1,810 mark, U.S. Factory Orders Data in Focus; Feb 04, 2021
U.S. Factory Orders
U.S. will publish Factory Orders data for the month of December at 1500 GMT/2030 IST. 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): U.S. dollar appreciates remarkably on improved sentiments of the U.S.’s recovery. Yesterday, U.S. released strong ADP Employment Change and ISM services PMI data. In accordance with it, gold weakens sharply and touches $1,810 mark in European hours. The pair made intraday high $1,834 mark. A sustained close below $1,807 on a Day Chart requires for the downside rally. Alternatively, reversal from key support will take the parity back above $1,832 mark. On a Day Chart as well as H1 chart, triple EMA confirms the bearish trend too.
Key Resistances: $1,832, $1,840, $1,847, $1,854, $1,862
Key Supports: $1,807, $1,798, $1,787, $1,780, $1,772
Take a look and do trade wisely!