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SpanishGold Moves in Stiff Boundaries Ahead U.S. Durable Goods orders Data, $7+ Volatility Likely; April 26, 2021
U.S. Durable & Core Durable Goods Orders Data
Today U.S. has scheduled to release Durable Goods Orders data around 1230 GMT/1800 IST. It’s a leading indicator of production – rising purchase orders signal that manufacturers will increase activity as they work to fill the orders. 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. The Core data is therefore thought to be a better gauge of purchase order trends. If the actual data comes higher than expected, it will be good for U.S. dollar.
Let’s see how Gold has reacted during the previous data release:
March 24:
Feb 25:
Technical View:
XAU/USD (Gold): Gold remains volatile on Monday and moves in rigid boundaries from $1,783 and $1,774 levels. Pair is consolidating around $1,780 mark. H1 chart with triple EMA confirms bearish trend for the time being. A sustained close above $1,784 on H1 chart requires for the upside rally. Alternatively, a consistent close below $1,774 will check further supports.
Key Resistances: $1,784, $1,788, $1,792, $1,798, $1,805
Key Support: $1,774, $1,768, $1,762, $1,758, $1,754
Take a look and do trade wisely!
Good Luck
