Gold Hits Lowest Level Since Aug 09, 2021; Traders Eye U.S. Philly Fed Manufacturing Index Data; July 21, 2022
U.S. Philly Fed Manufacturing Index data
Today U.S. will release Philly Fed Manufacturing Index data at 1230 GMT/1800 IST along with Unemployment claims weekly 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 a 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:
- Gold spikes down sharply during European hours and touches $1,781 mark. It is the lowest level since Aug 09, 2021.
- The pair made intraday high at $1,697 and Low at $1,681 mark.
- A day chart and H1 chart with triple EMA suggests down trend for the time being.
- A sustained close above $1,692 on H1 chart requires for the upside rally.
- Alternatively, a consistent close below $1,676 on H1 chart will test further supports.
Take a look and do trade wisely!