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SpanishGold Rises Noticeably Ahead of U.S. HPI, Richmond Manufacturing Index Data; $6+ Volatility Likely in Gold; Dec 28, 2021
U.S. Richmond Manufacturing Index Results
Today U.S. has scheduled to release HPI data at 1400 GMT/1930 IST and Richmond Manufactuirng Results at 1500 GMT/2030 IST. Here I am discussing only about the Richmond Manufactuirng Index data. It is derived via a survey of about 55 manufacturers in the Richmond area which asks respondents to rate the relative level of business conditions including shipments, new orders, and employment. Above 0 indicates improving conditions, below indicates worsening conditions. Tends to have a muted impact because there are earlier regional indicators related to manufacturing conditions.
Let’s see how Gold has reacted during the preivous data release:
Nov 23:
Oct 26:
Technical View:
XAU/USD (Gold):
- The Gold strengthens on Tuesday and touches $1,818 mark.
- Today pair made intraday high at $1,818 and low at $1,808 mark.
- A day chart and H1 chart with triple EMA suggests up trend for the time being.
- A sustained close above $1,818 on H1 chart requires for the upside rally.
- Alternatively, a consistent close below $1,804 will check further supports.
| SUPPORTS | RESISTANCES |
| $1,804 | $1,818 |
| $1,799 | $1,822 |
| $1,792 | $1,827 |
| $1,786 | $1,832 |
| $1,781 | $1,838 |
Take a look and do trade wisely!
Good Luck
