Key U.S. Fundamentals To Keep In Mind While Trading in Gold; Nov 23, 2021
Key U.S. Fundamentals To Keep In Mind While Trading in Gold
Today the key event for the U.S. session will be U.S. Flash PMI results scheduled at 1445 GMT/2015 IST. It’s a leading indicator of economic health – businesses react quickly to market conditions, and their purchasing managers hold perhaps the most current and relevant insight into the company’s view of the economy. It is derived via 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. If the Actual results are greater than forecasted, It will be good for U.S. dollar. Later at 1500 GMT/2030 IST, U.S. Richmond Manufacturing Index data is also come out. It is derived via a survey of about 55 manufacturers in the Richmond area which asks respondents to rate the relative level of business conditions including shipments, new orders, and employment.
Let’s see how Gold has reacted during the previous data release:
- Gold weakens sharply ahead of U.S. session and touches $1,792 mark.
- Today pair made intraday high at $1,812 and low at $1,792 mark.
- A day chart is up and H1 chart with triple EMA suggests down trend for the time being.
- A sustained close above $1,812 on H1 chart requires for the upside rally.
- Alternatively, a consistent close below $1,794 on H1 chart will check further supports.
Take a look and do trade wisely!