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:
- 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.
Take a look and do trade wisely!