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November 24, 2020

Gold Hits Fresh 4 – month Low ahead of U.S. Economic Data, Markets eye Richmond Manufacturing Index; Nov 24, 2020

U.S. Richmond Manufacturing Index

U.S. will publish key economic data at 1500 GMT/2030 IST. Here a survey of about 55 manufacturers in the Richmond area taken and asks respondents to rate the relative level of business conditions including shipments, new orders and employment. The Actual reading above 0 indicates improving conditions, below indicates worsening conditions.

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

Oct 27:

Sept 22:

Technical View:

XAU/USD (Gold): Gold falls drastically on Tuesday and hits fresh 4 – month low at $1,811 mark. Today pair made intraday high at $1,839 and low at $1,811 mark. A sustained close above $1,870 requires for the upside rally. On the other side, consistent close below $1,837 will check key supports as well. Key support levels are seen around $1,808, $1,798, $1,787, $1,782, $1,774 and $1,768 mark respectively. Key resistances are seen at $1,840, $1,857, $1,876, $1,882, $1,887, $1,892, $1,902 and $1,917 marks respectively.

Take a look and do trade wisely!
Good Luck

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