U.S. Trade Balance & Factory Orders Data
Today U.S. has scheduled to release Trade Balance Data at 1230 GMT/1800 IST and Factory Orders data at 1400 GMT/1930 IST. The goods portion has a muted impact because it’s a duplicate of the Goods Trade Balance data released about 5 days earlier. A positive number indicates that more goods and services were exported than imported. In addition Factory Orders report contains a revision of the Durable Goods Orders data released about a week earlier, and fresh data regarding non-durable goods. It’s a leading indicator of production – rising purchase orders signal that manufacturers will increase activity as they work to fill the orders.
Let’s see how Gold has reacted during the previous data release:
April Data Movement:
March Data Movement:
XAU/USD (Gold): Gold has started a new trading day on a lower note and pair touched $1,781 mark in European hours. Pair is likely to take a halt around $1,780 mark as markets eye key U.S. economic indicators. Today pair made intraday high at $1,793 and low at $1,781 mark. A sustained close above $1,793 on H1 chart requires for the upside rally. Alternatively, a consistent close below $1,778 will check further supports.
Key Resistances: $1,793, $1,798, $1,805, $1,812, $1,818
Key Supports: $1,778, $1,772, $1,767, $1,762, $1,756
Take a look and do trade wisely!