Gold Slips Back Below $1,740 mark, Markets Eye U.S. Philly Fed manufacturing Index Data; March 18, 2021

U.S. Philly Fed Manufacturing Index

U.S. has scheduled to release key economic data at 1230 GMT/1800 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. This data is derived via a Survey of about 250 manufacturers in the Philadelphia Federal Reserve district which asks respondents to rate the relative level of general business conditions.

Let’s see how Gold has reacted during the previous data release:

Feb 18:

Jan 21:

Technical View:

XAU/USD (Gold): Gold erases previous Asian hours gain and slips back below $1,740 mark. Today pair made intraday high at $1,755 and low at $1,732 mark. A day chart with triple EMA confirms the down trend while H1 confirms uptrend for the time being. A sustained close above $1,754 on H1 chart requires for the upside rally. Alternatively, a consistent close below $1,732 on H1 will test further supports too.

Key Resistances: $1,754, $1,762, $1,767, $1,775, $1,782

Key Support: $1,732, $1,727, $1,722, $1,715, $1,708

Take a look and do trade wisely!
Good Luck