U.S. Richmond Manufacturing Index

U.S. Richmond Manufacturing Index

U.S. is going to publish CB consumer confidence, new home sales as well as Richmond manufacturing index data around 1400 GMT/1930 IST. As 3 economic indicators are releasing together, there are chances of bit market volatility too. Here I am putting emphasis on Richmond Manufacturing Index data only. This data is derived via a 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. If actual reading comes above “0” and higher than expected 10, then it will be good for U.S. dollar only.

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

July 28:

June 23:

Technical View:

XAU/USD (GOLD): Gold hovers around $1,920 mark. Today pair made intraday high at $1,937 and low at $1,919 mark. A sustained close above $1,947 requires for the upside rally. Alternatively, reversal from key resistance will take the parity down towards key supports around $1,912, $1,902, $1,890, $1,876, $1,862, $1,840, $1,822, $1,809 and $1,787 mark respectively. Key resistances are seen at $1,942, $1,948, $1,957, $1,972, $1,987, $1,994, $2,008, 2,020, 2,038 and $2,063 marks respectively.

Take a look and do trade wisely!

Good Luck