Gtag:

Gold Trades Marginally Lower Ahead of U.S. Industrial Production Results, High Volatility is Expected in Early U.S. Session; Oct 18, 2021

U.S. Industrial Production Results

Today U.S. has scheduled to release Industrial Production as well as Capacity Utilization Rate at 1315 GMT/1845 IST. It’s 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. If the actual results are higher than expected, it will be good for U.S. dollar.

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

Sept 15:

Aug 17:

Technical View:

XAU/USD:

  • Gold trades marginally lower on Monday and touches $1,761 mark during European Hours.
  • Today pair made intraday high at $1,772 and low at $1,761 mark.
  • A day chart and H1 chart with triple EMA suggests down trend for the time being.
  • A sustained close above $1,772 on H1 chart requires for the upside rally.
  • Alternatively, a consistent close below $1,762 will check further supports.
Supports Resistances
$1,758 $1,772
$1,752 $1,778
$1,748 $1,782
$1,741 $1,789
$1,736 $1,794

Take a look and do trade wisely!
Good Luck

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