Volatility Expected In Gold As U.S. Economic Data is About To Release in Sometime
U.S. Philly Fed Manufacturing Index Data
U.S. will release Philly Fed Manufacturing Index data on Oct 15, 2020 around 1230 GMT/1800 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 survey of about 250 manufacturers in the Philadelphia Federal Reserve district which asks respondents to rate the relative level of general business conditions.
Note: Please keep in mind that along with Philly Fed Manufacturing Index data, U.S. is going to release other economic indicators as well. In case of mixed data, market may give volatility.
Let’s see how Gold has reacted during the previous data release:
XAU/USD: Gold trades marginally lower on Thursday and stabilizes below $1,900 mark. Today pair made intraday high at $1,903 and low at $1,889 mark. A sustained close above $1,902 requires for the upside rally. On the other side, consistent close below $1,891 will check key supports as well. Key support levels are seen around $1,882, $1,876, $1,864, $1,857, $$1,849, $1,840, $1,822, $1,809 and $1,787 mark respectively. Key resistances are seen at $1902, $1,918, $1,922, $1,932, $1,940, $1,947, $1,957 and $1,972 marks respectively.
Take a look and do trade wisely!