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SpanishKey U.S. Indicators to Keep in Mind while trading in gold during U.S. session; June 28, 2022
Key U.S. Indicators to Keep in Mind while trading in gold during U.S. session
Today U.S. has scheduled to release Goods Trade Balance data at 1230 GMT/1800 IST, House Price Index (HPI) data at 1300 GMT/1830 IST and Richmond manufacturing Index data at 1400 GMT/1930 IST.
All the above three data are important for the Country’s economic growth as positive goods trade balance data indicates that more goods were exported than imported. HPI is a leading indicator of the housing industry’s health because rising house prices attract investors and spur industry activity. While Richmond Manufacturing Index data derives via 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:
May Results:
April Results:
Technical View:
XAU/USD (Gold):
- Gold weakens ahead of U.S. key economic data and hovers around $1,822 mark.
- The pair made intraday high at $1,829 and Low at $1,822 mark.
- A day chart and H1 chart with triple EMA suggest bearish trend for the time being.
- A sustained close above $1,828 on H1 chart requires for the upside rally.
- Alternatively, a consistent close below $1,821 on H1 chart will test further supports.
| SUPPORTS | RESISTANCES |
| $1,821 | $1,828 |
| $1,816 | $1,832 |
| $1,810 | $1,838 |
| $1,806 | $1,842 |
| $1,801 | $1,848 |
Take a look and do trade wisely!
Good Luck
