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SpanishGold Jumps Above $1,800 mark as U.S. Durable Goods Orders Data Misses Expectations, Markets eye U.S. Richmond Manufacturing Index Results; July 27, 2021
U.S. Richmond Manufacturing Index
Today U.S. will release Richmond Manufacturing Index data at 1400 GMT/1930 IST. It is derived via a survey of about 55 manufacturers in the Richmond area which asks respondents to rate the relative level of business conditions including shipments, new orders, and employment. Above 0 indicates improving conditions, below indicates worsening conditions. Along with it, U.S. may release CB Consumer Confidence data. Such data does not have historical records to check the movement. So be careful ahead of such economic indicators.
Let’s see how Gold has reacted during the previous data release:
June 22:
May 25:
Technical View:
XAU/USD (Gold):
- Gold spikes up noticeably on the back of lower than expected Durable Goods orders data.
- Today pair made intraday high at $1,805 and low $1,793 mark.
- A day chart and H1 chart with triple EMA suggests bearish trend for the time being.
- A sustained close above $1,809 on H1 chart requires for the upside rally.
- Alternatively, a consistent close below $1,794 will check further supports.
| SUPPORTS | RESISTANCES |
| $1,791 | $1,809 |
| $1,786 | $1,814 |
| $1,781 | $1,819 |
| $1,776 | $1,824 |
| $1,770 | $1,282 |
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