Gold Moves in Rigid Boundaries Ahead of U.S. Key Indicator, $11+ Volatility Likely in Gold; Nov 15, 2021
U.S. Empire State Manufacturing Index
The only key fundamentals from the U.S. Session will be U.S. Empire State Manufacturing Index scheduled at 1330 GMT/1900 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:
- Gold trades marginally lower on Monday and hovers around $1,860 mark.
- Today pair made intraday high at $1,868 and low at $1,856 mark.
- A day chart and H1 chart with triple EMA suggest up trend for the time being.
- A sustained close above $1,868 on H1 chart requires for the upside rally.
- Alternatively, a consistent close below $1,855 on H1 chart will check further supports.
Take a look and do trade wisely!