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