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SpanishKey U.S. Indicators to Keep In Mind While Trading In Gold During U.S. Session; Aug 24, 2022
A Short Term Outlook: XAU/USD (Gold)
Today U.S. has scheduled to release U.S. Durable/Core Durable Goods Orders data at 1230 GMT/1800 IST and thereafter U.S. Pending Home Sales data at 1400 GMT/1930 IST. Durable Goods orders are a leading indicator of production – rising purchase orders signal that manufacturers will increase activity as they work to fill the orders. While Pending Home Sales are a leading indicator of economic health because the sale of a home triggers a wide-reaching ripple effect. For example, renovations are done by the new owners, a mortgage is sold by the financing bank, and brokers are paid to execute the transaction.
Let’s see how Gold has reacted during the previous data release:
July 27:
June 27:
Technical View:
XAU/USD (Gold):
- Gold erases previous gain against U.S. dollar and slips back below $1,750 mark.
- The pair made intraday high at $1,753 and Low at $1,743 mark.
- A day chart is down and H1 chart with triple EMA suggests up trend for the time being.
- A sustained close above $1,752 on H1 chart requires for the upside rally.
- Alternatively, a consistent close below $1,740 on H1 chart will test further supports.
|
Supports
|
Resistances
|
|
$1,740
|
$1,752
|
|
$1,736
|
$1,758
|
|
$1,730
|
$1,764
|
|
$1,724
|
$1,770
|
|
$1,718
|
$1,776
|
Take a look and do trade wisely!
Good Luck
