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SpanishGold 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
TP Global FX Research Team
With a decade of Forex Market insight, TP Global FX Research Team delivers you the Market Insight that boosts your Trading Skills