U.S. Philly Fed manufacturing Index Data ahead, $7+ Movement Likely in Gold; Nov 19, 2020

U.S. Philly Fed manufacturing Index

U.S. will publish key economic data around 1330 GMT/1900 IST. 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. This data is derived via a survey of about 250 manufacturers in the Philadelphia Federal Reserve district taken, which asks respondents to rate the relative level of general business conditions.

Let’s see how Gold has reacted during the previous data release:

Oct 15:

Sept 17:

Technical View:

XAU/USD (Gold): Gold falls sharply on Thursday and touches $1,855 mark. Today pair made intraday high at $1,874 and low at $1,855 mark. A sustained close above $1,902 requires for the upside rally. On the other side, consistent close below $1,861 will check key supports as well. Key support levels are seen around $1,857, $1,849, $1,840, $1,822, $1,809 and $1,787 mark respectively. Key resistances are seen at $1,892, $1,902, $1,917, $1,922, $1,940, $1,947, $1,967, $1,974, $1,982, $1,991, $1,999 and $2,000 marks respectively.

Take a look and do trade wisely!
Good Luck