Gold Hits Fresh 8 – Month high Over Rising Ukraine – Russia Geo Political Worrisome, Traders Eye U.S. Philly Fed Manufacturing Index data; Feb 17, 2022

U.S. Philly Fed Manufacturing Index data

Today U.S. has scheduled many key economic indicators at the same time only. U.S. will come up with the Philly Fed Manufactruign Index, Unemployment Claims Weekly, Building Permits and Housing Start data at 1330 GMT/1900 IST.

Here We are briefing you out with the Philly Fed Manufacturing Index data. 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 Survey of about 250 manufacturers in the Philadelphia Federal Reserve district which asks respondents to rate the relative level of general business conditions.

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

Jan 20:

Dec 16:

Technical View:

XAU/USD (Gold):

  • The Gold spikes up sharply on rising tension over Russia – Ukraine.
  • Today pair made intraday high at $1,893 and low at $1,867 mark.
  • A day chart and H1 chart with triple EMA suggest up trend for the time being.
  • A sustained close above $1,891 on H1 chart requires for the upside rally.
  • Alternatively, a consistent close below $1,878 on H1 will check further supports.
$1,878 $1,894
$1,872 $1,899
$1,867 $1,904
$1,862 $1,911
$1,857 $1,918

Take a look and do trade wisely!
Good Luck