Gtag:

Be Cautious Ahead of U.S. Session, U.S. Key Fundamentals May Bring $25+ Volatility in Gold; March 04, 2021

U.S. Factory Orders

Markets eye U.S. Revised Nonfarm productivity data (1330 GMT), U.S. factory orders data (1500 GMT) and Fed Chair Powell’s speech (1705 GMT) to predict the future directions of the U.S. dollar. Fed Chair is due to speak about the U.S. economy at an online event hosted by the Wall Street Journal. Audience questions are expected and thus some volatility is expected during the event.

On the other side, Factory Orders are the leading indicator of production – rising purchase orders signal that manufacturers will increase activity as they work to fill the orders. This report contains a revision of the Durable Goods Orders data released about a week earlier and fresh data regarding non-durable goods. If the actual data comes higher than expected, it will be good for U.S. dollar.

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

Feb 04:

Jan 06:

Technical View:

XAU/USD (Gold): Gold moves in stiff boundaries ahead of key U.S. fundamentals. The pair made intraday high at $1,721 and low at $1,706 mark. As you can see in the charts, such fundamentals had given extreme volatility in the past. A day as well as H1 chart still confirms the bearish trend for the time being. The expected range for the parity will be $1,722 to $1,708 mark. A sustained close of either side on H1 chart requires to confirm further directions of the parity.

Key Resistances: $1,722, $1,727, $1,732, $1,740, $1,748

Key Supports: $1,698, $1,692, $1,685, $1,677, $1,670

Take a look and do trade wisely!
Good Luck

Tags
Share on facebook
Share on linkedin
Share on twitter
Share on telegram
Share on whatsapp
Unleash Powerful Trading Conditions with TP Global.

Recent Posts

Categories

Offices

Law Partners House, Kumul Highway, Port Vila, Vanuatu

Mail us

Drop mail at:
support@tpglobalfx.com

Contact us

Call or Whatsapp
+44 7441 416320

Risk Warning: Forex and Contracts for Difference (CFDs) are leveraged products. Trading in these products is highly speculative and involves substantial risk. Please note that even knowledgeable and well-experienced investors can experience large potential losses because of trading in Forex and CFDs. Consequently, investors should be fully aware of all the risks involved when trading Forex and CFDs and accept all the negative consequences associated with such trading. Please always remember that trading in Forex and CFDs might not be suitable for all investors. It is desirable investors who would consider trading, to do so only with money that they can afford to lose. You are also recommended to seek independent financial advice if necessary. The content on this website does not constitute financial or investment advice. Any information herein is of a general nature and does not take into consideration your personal circumstances, investment experience or current financial situation. Apple, the Apple logo, iPod, iPad, iPod touch, and iTunes are trademarks of Apple Inc, registered in the US and other countries. iPhone is a trademark of Apple Inc. App Store is a service mark of Apple Inc.

TP Global FX Limited is registered and regulated by Vanuatu Finance Service Commission (VFSC) with a registration number 40409.

TP Global Services Limited registered by St. Vincent and the Grenadines with Number 25274 BC 2019. Registered office: Suite 305, Griffith Corporate Centre, Beachmont, P.O.Box 1510, Kingstown Saint Vincent and the Grenadines

TP Global Fx Africa Limited is incorporated in Federal Republic of Nigeria under the Companies and Allied matters Act 1990 with registration number RC 1674202. The objects of the company are all subject matters not forbidden by Companies and Allied Matters Act 1990. To provide Electronic Platform through which clients can choose currencies, commodities, indexes, CFDs and other leveraged financial instruments to trade.

TP Global Services Limited is registered with NFA (National Futures Association) USA with Registration Number 0533098.

mappin at-sign phone close