Gold Moves in Rigid Boundaries Ahead of U.S. Factory Order Results, $9+ Volatility Likely in Gold; Aug 03, 2021 Gold-Moves-in-Rigid-Bound

U.S. Factory Orders

Today U.S. will release Factory Orders data at 1400 GMT/1930 IST. This report contains a revision of the Durable Goods Orders data released about a week earlier, and fresh data regarding non-durable goods. It’s a leading indicator of production – rising purchase orders signal that manufacturers will increase activity as they work to fill the orders.

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

July 02:

June 04:

Technical View:

XAU/USD (Gold):

  • Gold consolidates around $1,810 mark.
  • Today pair made intraday high at $1,813 and low $1,808 mark.
  • A day chart and H1 chart with triple EMA suggests bearish trend for the time being.
  • A sustained close above $1,815 on H1 chart requires for the upside rally.
  • Alternatively, a consistent close below $1,808 will check further supports.
$1,802 $1,815
$1,796 $1,819
$1,791 $1,824
$1,785 $1,830
$1,776 $1,834

Take a look and do trade wisely!
Good Luck