Gold Weakens Ahead of U.S. Factory Orders Data, $10+ Volatility Likely; July 05, 2022

U.S. Factory Orders

Today U.S. has scheduled to release Factory Orders data at 1400 GMT/1930 IST. This report 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:

June 02:

May 03:

Technical View:

XAU/USD (Gold):

  • Gold weakens on Tuesday ahead of U.S. Factory Orders data and touches $1,800 mark during European Session.
  • The pair made intraday high at $1,812 and Low at $1,800 mark.
  • A day chart and H1 chart with triple EMA suggest bearish trend for the time being.
  • A sustained close above $1,812 on H1 chart requires for the upside rally.
  • Alternatively, a consistent close below $1,800 on H1 chart will test further supports.
SUPPORTS RESISTANCES
$1,799 $1,815
$1,794 $1,820
$1,789 $1,826
$1,784 $1,832
$1,780 $1,838

 

Take a look and do trade wisely!
Good Luck