Gold Hits Fresh Weekly Low at $1,780 mark Ahead of U.S. Empire State Manufacturing Index data, $10+ Volatility Likely in Gold; Aug 15, 2022

U.S. Empire State Manufacturing Index

Today the key indicator from the U.S. will be Empire State manufacturing Index data scheduled 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:

July 15:

June 15:

Technical View:

XAU/USD (Gold):

  • Gold depreciates sharply on Monday and touches $1,780 mark in European Hours.
  • The pair made intraday high at $1,802 and Low at $1,780 mark.
  • A day chart and H1 chart with triple EMA suggest bearish trend for the time being.
  • A sustained close above $1,792 on H1 chart requires for the upside rally.
  • Alternatively, a consistent close below $1,778 on H1 chart will test further supports.

Take a look and do trade wisely!
Good Luck