Key U.S. Indicators to Keep In mind while Trading in Gold During U.S. Session; June 27, 2022
Key U.S. Indicators to keep in mind while Trading in Gold during U.S. Session
Today U.S. has scheduled to release Durable & Core Durable Goods Orders Data at 1230 GMT/1800 IST and Pending Home Sales data at 1400 GMT/1930 IST. Durable Goods Orders are leading indicator of production – rising purchase orders signal that manufacturers will increase activity as they work to fill the orders. Durable goods are defined as hard products having a life expectancy of more than 3 years, such as automobiles, computers, appliances, and airplanes.
While core durable is a leading indicator of production – rising purchase orders signal that manufacturers will increase activity as they work to fill the orders.
On the other side Pending Home Sales is 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:
- Gold starts a new week on a positive note and remains well supported above $1,830 mark.
- The pair made intraday high at $1,841 and Low at $1,827 mark.
- A day chart is down and H1 chart with triple EMA suggests up trend for the time being.
- A sustained close above $1,842 on H1 chart requires for the upside rally.
- Alternatively, a consistent close below $1,828 on H1 chart will test further supports.
Take a look and do trade wisely!