U.S. Empire State Manufacturing Index
Today’s U.S. calendar is light and U.S. has scheduled to release Empire state manufacturing index data at 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 a survey of about 200 manufacturers in New York State which asks respondents to rate the relative level of general business conditions. If the actual reading comes above 50.0 which indicates improving conditions, below indicates worsening conditions.
Let’s see how Gold has reacted during the previous data release:
XAU/USD (Gold): Gold rises noticeably in European hours and hovers around $1,730 mark. The pair made intraday high at $1,734 and low at $1,721 mark. Here a day chart with triple EMA is bearish for the long run while H1 chart signals the bullish trend for the short run. A sustained close above $1,732 on H1 chart requires for the upside rally. Alternatively, reversal from here will drag the parity down below $1,720 mark.
Key Resistances: $1,740, $1,748, $1,754, $1,762, $1,767
Key Supports: $1,722, $1,715, $1,708, $1,702, $1.691
Take a look and do trade wisely!