Gold Touches $1,850 mark in European hours, U.S. Factory Orders data in Focus; May 03, 2022
U.S. Factory Orders
Today U.S. will release Factory Orders data at 1400 GMT/1930 IST along with U.S. JOLTS Job Openings. As both the key economic data will release at the same time, the U.S. dollar may get volatile in case of mixed data release. Factory Orders contains a revision of the Durable Goods Orders data released about a week earlier, and fresh data regarding non-durable goods. It’s a leading indicator of production – rising purchase orders signal that manufacturers will increase activity as they work to fill the orders.
Let’s see how Gold has reacted during the previous data release:
- Gold weakens on Tuesday and touches $1,850 mark in European hours.
- Today pair made intraday high at $1,867 and low at $1,850 mark.
- A day chart and H1 chart with triple EMA suggest bearish trend for the time being.
- A sustained close above $1,867 on H1 chart requires for the upside rally.
- Alternatively, a consistent close below $1,850 on H1 chart will test further supports.
Take a look and do trade wisely!