Gtag:

Gold Trades Flat Ahead of U.S. Durable Goods Orders Data, $11+ Volatility Likely; Aug 25, 2021

U.S. Durable and Core Durable Goods orders results

The only event for the U.S. Session will be U.S. Durable & Core Durable goods data. This data is usually revised via the Factory Orders report released about a week later. Durable goods are defined as hard products having a life expectancy of more than 3 years, such as automobiles, computers, appliances, and airplanes. 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:

July 27:

June 24:

Technical View:

XAU/USD (Gold):

  • Gold moves in stiff boundaries and remains well supported above $1,790 mark.
  • It made intraday high at $1,803 and low at $1,791 mark.
  • A day chart and H1 chart with triple EMA suggests bearish trend for the time being.
  • A sustained close above $1,802 on H1 chart requires for the upside rally.
  • Alternatively, a consistent close below $1,792 will check further supports.
SUPPORTS RESISTANCES
$1,791 $1,804
$1,786 $1,809
$1,781 $1,814
$1,776 $1,820
$1,770 $1,826

Take a look and do trade wisely!
Good Luck

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