Gtag:

Key Indicators to Watch Out During the U.S. Session; Oct 21, 2021

Key Indicators to Watch Out During the U.S. Session

Today U.S. has scheduled to release Philly Fed Manufacturing Index data at 1230 GMT/1800 IST and U.S. Existing Home Sales Results at 1400 GMT/1930 IST.

Philly Fed manufacturing Index is the 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. It 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. Do keep in mind that along with Philly Fed Results, U.S. Weekly Unemployment Claims are there which may bring volatility to the markets.

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

Sept 16:

Aug 19:

Existing Home Sales:

It’s a leading indicator of economic health because the sale of a home triggers a wide-reaching ripple effect. For example, renovations are done by the new owners, a mortgage is sold by the financing bank, and brokers are paid to execute the transaction.

Sept 22:

Aug 23:

Technical View:

XAU/USD:

  • Gold enjoys roller coaster movement ahead of U.S. Session and hovers around $1,790 mark.
  • Today pair made intraday high at $1,789 and low at $1,780 mark.
  • A day chart is down and H1 chart with triple EMA suggests up trend for the time being.
  • A sustained close above $1,789 on H1 chart requires for the upside rally.
  • Alternatively, a consistent close below $1,778 will check further supports.

SUPPORTS RESISTANCES
$1,778 $1,794
$1,772 $1,799
$1,767 $1,804
$1,761 $1,809
$1,757 $1,816

Take a look and do trade wisely!

Good Luck

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