Gold Remains Volatile Ahead of U.S. Empire State manufacturing Index Data, $7+ Volatility Likely in Gold; Jan 18, 2022

U.S. Empire State Manufacturing Index

Today U.S. will come up the Empire State Manufacturing Index data 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 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:

Dec 15:

Nov 15:

Technical View:

XAU/USD (Gold):

  • The Gold trades slightly lower ahead of U.S. Empire State Manufacturing Index data and hovers around $1,812 mark.
  • Today pair made intraday high at $1,822 and low at $1,809 mark.
  • A day chart is up and H1 chart with triple EMA suggests down trend for the time being.
  • A sustained close above $1,822 on H1 chart requires for the upside rally.
  • Alternatively, a consistent close below $1,810 will check further supports.
$1,809 $1,818
$1,804 $1,822
$1,799 $1,827
$1,794 $1,832
$1,789 $1,837

Take a look and do trade wisely!
Good Luck