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Gold Remains Volatile Ahead of Philly Fed Manufacturing Index Data, $8+ Movement Likely, June 17, 2021

U.S. Philly Fed manufacturing Index Results

Today U.S. will release 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:

May 20:

April 15:

Technical View:

XAU/USD (Gold):

  • Gold spiked down in European hours and touches $1,802 mark.
  • The pair made intraday high at $1,825 and low at $1,802 mark.
  • A day chart is bullish but H1 chart suggests down trend for the time being.
  • A sustained close above $1,824 on H1 chart requires for the upside rally.
  • Alternatively, a consistent close below $1,802 will check further supports.
SUPPORTS RESISTANCES
$1,802 $1,828
$1,795 $1,832
$1,787 $1,838
$1,781 $1,844
$1,776 $1,848

 

Take a look and do trade wisely!
Good Luck

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