U.S. Philly Fed Manufacturing Index
U.S. will release Philly Fed manufacturing index as well as unemployment claims weekly data around 1230 GMT/0600 IST. Since last 3 weeks, U.S. has released weekly unemployment claims with positive numbers. Market is anticipating 930K claims and therefore the actual data must be less than 930K to make U.S. dollar stronger. In case of Philly Fed manufacturing index, actual data must be higher than expected 21.0 against 24.1 previous released. As both the data are releasing together and therefore some volatility is expected.
Let’s see how Philly Fed manufacturing index gave movement in gold during previous data release:
July 16: Positive Data
June 18: Mixed Data
XAU/USD (GOLD): Gold remains slightly volatile after U.S. FOMC meeting minutes. Today pair made intraday high at $1,955 and low at $1,924 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 $1,922, $1,908, $1,890, $1,862, $1,840, $1,822, $1,809 and $1,787 mark respectively. Key resistances are seen at $1,953, $1,972, $1,987, $1,994, $2,008, 2,020, 2,038 and $2,063 marks respectively.
Take a look and do trade wisely!