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April 27, 2021

Gold Trades Flat ahead of U.S.’s Richmond Manufacturing Index Data, $7+ Volatility Likely; April 27, 2021

U.S. Richmond Manufacturing Index

Today U.S. will release key indicator at 1400 GMT/1930 IST. This data is derived via 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.

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

March 23:

Feb 23:

Technical View:

XAU/USD (Gold): Gold moves in stiff boundaries ahead of U.S. key economic indicator. The pair made intraday high at $1,784 and low at $1,773 mark. A day chart confirms sideways movement for the time being while H1 Chart with Triple EMA is showing bearish movement in short run. A sustained close above $1,784 on H1 chart requires for the upside rally. Alternatively, a consistent close below $1,774 will check further supports.

Key Resistances: $1,784, $1,787, $1,792, $1,797, $1,805

Key Supports: $1,774, $1,768, $1,762, $1,754, $1,748

Take a look and do trade wisely!
Good Luck

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