Gtag:

Gold Depreciates Sharply After Robust U.S. Key Indicators, Markets Eye U.S. Factory Orders Data; Sept 02, 2021

U.S. Factory Orders
The last key indicator for the day from the U.S. will be U.S. Factory orders data scheduled at 1400 GMT/1930 IST. This 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:

Aug 03:

July 02:

Technical View:

XAU/USD (Gold):

  • Gold weakens noticeably after robust U.S. Economic Indicators and touches $1,810 mark.
  • It made intraday high at $1,817 and low at $1,810 mark.
  • A day chart and H1 chart with triple EMA suggests bullish trend for the time being.
  • A sustained close above $1,821 on H1 chart requires for the upside rally.
  • Alternatively, a consistent close below $1,809 on H1 chart will check further supports.
Supports Resistances
$1,809 $1,821
$1,802 $1,827
$1,796 $1,832
$1,791 $1,838
$1,786 $1,842

Take a look and do trade wisely!
Good Luck

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