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:

June 24:

May 27:

Technical View:

XAU/USD (Gold):

  • 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.
$1,791 $1,802
$1,786 $1,809
$1,781 $1,814
$1,776 $1,819
$1,770 $1,824

Take a look and do trade wisely!
Good Luck