Gold Moves in Stiff Boundaries Ahead of U.S. Durable Goods Order Data, $10+ Volatility in Gold; July 27, 2021
U.S. Durable Goods Orders Results
Today U.S. will come up with the Durable & Core Durable goods orders data at 1230 GMT/1800 IST. This data is usually revised via the Factory Orders report released about a week later. Durable goods are defined as hard products having a life expectancy of more than 3 years, such as automobiles, computers, appliances, and airplanes. 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:
- Gold enjoys roller coaster movement and hovers around $1,800 mark.
- Today pair made intraday high at $1,801 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 $1,802 on H1 chart requires for the upside rally.
- Alternatively, a consistent close below $1,794 will check further supports.
Take a look and do trade wisely!