Gold Spikes Up ahead of U.S. Key Economic Results, Markets Eye Fed Chair Powell’s Testimony Day 2; July 15, 2021
U.S. Philly Fed Manufacturing Index & Industrial Production Data
Today’s U.S. session will also remain in focus as U.S. will release Philly Fed Manufacturing Index data at 1230 GMT/1800 IST and Industrial Production data at 1315 GMT/1845 IST. Philly Fes data is 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. A 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. In addition, production reacts quickly to ups and downs in the business cycle and is correlated with consumer conditions such as employment levels and earnings.
Do keep in mind that today is the 2nd day of Fed Chair Powell’s Testimony scheduled at 1330 GMT/1900 IST. A text version is made available on the Fed’s website at the start and then the committee will hold a question and answer session. Any hint on interest rate hike may cause extreme volatility to the FX market.
Philly Fed Manufacturing Index Results and Gold Movement:
U.S. Industrial Production Results and Gold Movement:
- The gold appreciates on Thursday and hits fresh 4 – week high at $1,834 mark.
- The pair made intraday high at $1,834 and low at $1,823 mark.
- Currently, a day chart is bearish but H1 chart with triple EMA suggests bullish trend for the time being.
- A sustained close above $1,837 on H1 chart requires for the upside rally.
- Alternatively, a consistent close below $1,820 will check further supports.
Take a look and do trade wisely!