Gtag:

Gold Exhibits Range Bound Movement Ahead of U.S. Key Economic Indicators, $12+ Volatility Likely in Gold; Sept 15, 2021

Key Indicators to watch out during U.S. Session

Today’s U.S. session will be busy as U.S. will come up with Empire State Manufacturing Index data at 1230 GMT/1800 IST and Industrial Production data at 1315 GMT/1845 IST. Both the data will play vital role to decide the movement of U.S. dollar against major peers.

Empire State Manufacturing Index data is 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 states which asks respondents to rate the relative level of general business conditions.

While Industrial Production data is a leading indicator of economic health – production reacts quickly to ups and downs in the business cycle and is correlated with consumer conditions such as employment levels and earnings.

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

Aug 16:

Aug 17:

July 15:

Technical View:

XAU/USD:

  • Gold moves in rigid boundaries ahead of U.S. key economic Indicators around hovers around $1,800 mark.
  • Today pair made intraday high at $1,804 and low at $1,798 mark.
  • A day chart is slightly bearish and H1 chart with triple EMA suggests bullish trend for the time being.
  • A sustained close above $1,806 on H1 chart requires for the upside rally.
  • Alternatively, a consistent close below $1,798 will check further supports.
SUPPORTS RESISTANCES
$1,798 $1,809
$1,791 $1,814
$1,786 $1,818
$1,781 $1,822
$1,776 $1,828

Take a look and do trade wisely!
Good Luck

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