Gold Hovers Around $1,850 mark ahead of U.S. Empire State Manufacturing Index Data, $8+ Volatility Likely; May 17, 2021
U.S. Empire State Manufacturing Index
Today U.S. session is full of FOMC members’ speeches and just one key economic data is scheduled. 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. This data 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.
Note – Time Zone is based on GMT
Let’s see how Gold has reacted during the previous data release:
XAU/USD (Gold): Gold has started a new week on a slightly positive note but pair fails to break key resistance at $1,856 mark and currently hovers around $1,850. The pair made intraday high at $1,855 and low at $1,842 mark. A day chart and H1 chart with triple EMA suggests bullish trend for the time being. A sustained close above $1,854 on H1 chart requires for the upside rally. Alternatively, a consistent close below $1,840 will check further supports.
Key Resistances: $1,856, $1,860, $1,866, $1,872, $1,878
Key Supports: $1,840, $1,834, $1,827, $1,821, $1,815
Take a look and do trade wisely!