U.S. Durable Goods & Core Durable Goods orders
U.S. will release durable goods as well as core durable goods data around 1230 GMT/1800 IST. It’s a leading indicator of production – rising purchase orders signal that manufacturers will increase activity as they work to fill the orders. Since Last 3 months, U.S. has released durable goods data with positive numbers but out of 3 months, core durables goods orders missed expectations once. This time markets have expected lower reading from both the data than previous one.
Let’s see how gold has reacted during the previous data release:
XAU/USD (GOLD): Gold trades marginally lower but faces hurdle to break immediate support at $1,910 mark. Today pair made intraday high at $1,931 and low at $1,913 mark. A sustained close above $2,001 requires for the upside rally. Alternatively, reversal from key resistance will take the parity down towards key supports around $1,910, $1,894, $1,876, $1,862, $1,840, $1,822, $1,809 and $1,787 mark respectively. Key resistances are seen at $1,942, $1,948, $1,957, $1,972, $1,987, $1,994, $2,008, 2,020, 2,038 and $2,063 marks respectively.
Take a look and do trade wisely!