What to keep in mind while trading in Gold during U.S. Fundamentals? May 25, 2021
What to keep in mind while trading in Gold during U.S. Fundamentals?
Today’s U.S. session will be important as U.S. will release HPI data at 1300 GMT/1830 IST while U.S. New Home Sales and Richmond Manufacturing Index data release 1400 GMT/1930 IST. In case of mixed data release, U.S. dollar might get volatile against major peers.
Gold movement during previous HPI data release:
HPI is a leading indicator of the housing industry’s health because rising house prices attract investors and spur industry activity.
Gold movement during previous U.S. Richmond Manufacturing Index data release:
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. Above 0 indicates improving conditions, below indicates worsening conditions.
XAU/USD (Gold): The Gold recovers from early Asian hour’s losses and jumps back above $1,880 mark. The pair made intraday high at $1,887 and low at $1,872 mark. A day as well as H1 chart with triple EMA suggests bullish trend for the time being. A sustained close above $1,889 requires for the upside rally. Alternatively, a consistent close below $1,872 will check further supported.
Key Resistances: $1,890, $1,896, $1,904, $1,910, $1,917
Key Supports: $1,872, $1,867, $1,862, $1,855, $1,848
Take a look and do trade wisely!