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SpanishGold Takes Halt Around $1,840 mark, U.S. Key Economic Results in Focus for the Further Directions; Jan 20, 2022
Key U.S. Indicators to Keep in Mind While Trading in Gold During U.S. Session
Today U.S. has scheduled to release U.S. Philly Fed Manufacturing Index data at 1330 GMT/1900 IST and thereafter U.S. Existing Home Sales data at 1500 GMT/2030 IST. Philly Fed manufacturing Index 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. It 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.
While Existing Home Sales is a leading indicator of economic health because the sale of a home triggers a wide-reaching ripple effect. For example, renovations are done by the new owners, a mortgage is sold by the financing bank, and brokers are paid to execute the transaction.
Let’s see how Gold has reacted during the previous data release:
December Results:
November Results:
Technical View:
XAU/USD (Gold):
- The Gold takes halt aroudn $1,840 mark ahead of U.S. key economic indicators.
- Today pair made intraday high at $1,844 and low at $1,837 mark.
- A day chart and H1 chart with triple EMA suggest up trend for the time being.
- A sustained close above $1,842 on H1 chart requires for the upside rally.
- Alternatively, a consistent close below $1,832 will check further supports.
| SUPPORTS | RESISTANCES |
| $1,837 | $1,849 |
| $1,832 | $1,854 |
| $1,827 | $1,860 |
| $1,821 | $1,864 |
| $1,817 | $1,868 |
Take a look and do trade wisely!
Good Luck
