U.S. Philly Fed Manufacturing Index Data
The only key indicator for the U.S. session is Philly Fed manufacturing Index data and unemployment claims weekly 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 250 manufacturers in the Philadelphia Federal Reserve district which asks respondents to rate the relative level of general business conditions.
Let’s see how Gold has reacted during the previous data release:
- Gold rejects key support at $1,771 mark and touches $1,789 mark in European hours.
- Today pair made intraday high at $1,789 and low $1,774 mark.
- A day chart is down while H1 chart with triple EMA suggests slightly up trend for the time being.
- A sustained close above $1,794 on H1 chart requires for the upside rally.
- Alternatively, a consistent close below $1,772 will check further supports.
Take a look and do trade wisely!