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November 18, 2021

Gold Weakens Ahead of U.S. Philly Fed Manufacturing Index data, $10+ Volatility Likely in Gold: Nov 18, 2021

U.S. Philly Fed Manufacturing Index

Today U.S. has scheduled to release U.S. Philly Fed Manufacturing Index and unemployment claims weekly data at 1330 GMT/1900 IST. It’s a leading indicator of economic health – businesses react quickly to market conditions, and changes in their sentiment can be an early signal of future economic activity such as spending, hiring, and investment. It is derived via a survey of about 250 manufacturers in the Philadelphia Federal Reserve district which asks respondents to rate the relative level of general business conditions .

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

Oct 21:

Sept 16:

Technical View:

XAU/USD:

Gold weakens ahead of U.S. session and hovers around $1,860 mark.
Today pair made intraday high at $1,870 and low at $1,858 mark.
A day chart and H1 chart with triple EMA suggest up trend for the time being.
A sustained close above $1,870 on H1 chart requires for the upside rally.
Alternatively, a consistent close below $1,858 on H1 chart will check further supports.

SUPPORTS	RESISTANCES
$1,858	$1,874
$1,852	$1,881
$1,847	$1,887
$1,842	$1,894
$1,837	$1,899

Take a look and do trade wisely!
Good Luck

TP Global FX Research Team

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