U.S. Durable Goods & Core Durable Goods Orders Data
The Key event from the U.S. will be U.S. Durable & Core Durable goods orders results scheduled at 1230 GMT/1800 IST. 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. The Core data is therefore thought to be a better gauge of purchase order trends.
Let’s see how Gold has reacted during the previous data release:
- Gold spikes down noticeably ahead of U.S. Durable & Core Durable Goods Orders Results.
- Today pair made intraday high at $1,760 and low at $1,748 mark.
- A day chart and H1 chart with triple EMA suggests bearish trend for the time being.
- A sustained close above $1,762 on H1 chart requires for the upside rally.
- Alternatively, a consistent close below $1,748 will check further supports.
Take a look and do trade wisely!