Key Indicators To Keep In Mind While Trading in Gold During U.S. Session; Dec 16, 2021
Key Indicators To Keep In Mind While Trading in Gold During U.S. Session
Today U.S. has scheduled to release various Economic Indicators at different time slot. First U.S. will come up with the Philly Fed Manufacturing Index, Buildong Permits and Housing start data at 1330 GMT/1900 IST. Thereafter, U.S. will release Industrial Production data at 1415 GMT/1945 IST. Lastly, Traders eye U.S. Flash PMI indicators for the further directions.
Philly Fed manufacturing Index data 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. Above 0.0 indicates improving conditions, below indicates worsening conditions. Industrial Production is a leading indicator of economic health – production reacts quickly to ups and downs in the business cycle and is correlated with consumer conditions such as employment levels and earnings. While flash PMI data is derived via a survey of about 800 purchasing managers which asks respondents to rate the relative level of business conditions including employment, production, new orders, prices, supplier deliveries, and inventories.
Let’s see how gold has reacted during the previous data release:
- The Gold trades marginally higher and remains well supported abvoe $1,780 mark.
- Today pair made intraday high at $1,788 and low at $1,775 mark.
- A day chart is down and H1 chart with triple EMA suggests up trend for the time being.
- A sustained close above $1,789 on H1 chart requires for the upside rally.
- Alternatively, a consistent close below $1,772 will check further supports.
Take a look and do trade wisely!