U.S. Durable Good Order & Core Durable Good Order
Today U.S. will release durable as well as core durable goods orders data at 1230 GMT/0600 IST. It’s a leading indicator of production. Rising purchase orders signal that manufacturers will increase activity as they work to fill the orders. This time markets expect slightly negative reading from both the data. Important to note here that since last 3 – months, U.S. has released this data with positive numbers.
Let’s see how Gold has reacted during the past data release:
June 25: $10 UPSIDE MOVEMENT
May 28: $5 UPSIDE MOVEMENT
XAU/USD (GOLD): Gold has started a new week on a positive note. Gold touched $1,944 mark in early Asia. Today pair made intraday high at $1,944 and low at $1,900 mark. A sustained close above $1,918 requires for the upside rally. Alternatively, reversal from key resistance will take the parity down towards key supports around $1,900, $1,884, $1,862, $1,841, $1,817, $1,802, $1,790, $1,784 and $1,770 mark respectively. Key resistances are seen at $1,951, $1,976, $1,982, $1,994 and $1,999 mark respectively.
Take a look and do trade wisely!