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SpanishKey U.S. Indicators to Keep in Mind while Trading in Gold During U.S. Session; June 16, 2022
Key U.S. Indicators to Keep in Mind While Trading in Gold during U.S. Session
Today U.S. has scheduled to release Philly Fed Manufacturing Index, Unemployment Claims weekly, building Permits and Housing Starts data at 1230 GMT/1800 IST. As all the key indicators will come out at the same time, the mixed data may give volatility to the U.S. dollar.
Here we will check out one of the key U.S. indicator and that is Philly Fed Manufacturing Index data. 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:
May 19:
April 21:
Technical View:
XAU/USD (Gold):
- Gold spikes down sharply ahead of U.S. Key Economic Results and hovers around $1,820 mark.
- The pair made intraday high at $1,836 and Low at $1,815 mark.
- A day chart is down and H1 chart with triple EMA suggests up trend for the time being.
- A sustained close above $1,838 on H1 chart requires for the upside rally.
- Alternatively, a consistent close below $1,818 on H1 chart will test further supports.
|
Supports
|
Resistances
|
|
$1,814
|
$1,828
|
|
$1,808
|
$1,832
|
|
$1,804
|
$1,838
|
|
$1,798
|
$1,842
|
|
$1,791
|
$1,849
|
Take a look and do trade wisely!
Good Luck
