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SpanishGold Hits Fresh 4 – Month Low Ahead of U.S. Empire State Manufacturing Index Data, $9+ Volatility Likely in Gold; May 16, 2022
U.S. Empire State Manufacturing Index Data
Today U.S. will 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. It 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.
Let’s see how Gold has reacted during the previous data release:
April 15:
Banks remained close in the observance of the Good Friday.
March 15:
Technical View:
XAU/USD (Gold):
- Gold spikes down sharply on Monday and hits fresh 4 – month low at $1,786 mark.
- Today pair made intraday high at $1,817 and low at $1,786 mark.
- A day chart and H1 chart with triple EMA suggest bearish trend for the time being.
- A sustained close above $1,808 on H1 chart requires for the upside rally.
- Alternatively, a consistent close below $1,792 on H1 chart will test further supports.
| SUPPORTS | RESISTANCES |
| $1,786 | $1,808 |
| $1,781 | $1,814 |
| $1,776 | $1,818 |
| $1,770 | $1,824 |
| $1,764 | $1,828 |
Take a look and do trade wisely!
Good Luck
TP Global FX Research Team
With a decade of Forex Market insight, TP Global FX Research Team delivers you the Market Insight that boosts your Trading Skills