What to keep in mind while trading in Gold during U.S. Fundamentals?
Today’s U.S. session will be important as U.S. will release HPI data at 1300 GMT/1830 IST while U.S. New Home Sales and Richmond Manufacturing Index data release 1400 GMT/1930 IST. In case of mixed data release, U.S. dollar might get volatile against major peers.
Gold movement during previous HPI data release:
HPI is a leading indicator of the housing industry’s health because rising house prices attract investors and spur industry activity.
Gold movement during previous U.S. Richmond Manufacturing Index data release:
This data is derived via a survey of about 55 manufacturers in the Richmond area which asks respondents to rate the relative level of business conditions including shipments, new orders, and employment. Above 0 indicates improving conditions, below indicates worsening conditions.
XAU/USD (Gold): The Gold recovers from early Asian hour’s losses and jumps back above $1,880 mark. The pair made intraday high at $1,887 and low at $1,872 mark. A day as well as H1 chart with triple EMA suggests bullish trend for the time being. A sustained close above $1,889 requires for the upside rally. Alternatively, a consistent close below $1,872 will check further supported.
Key Resistances: $1,890, $1,896, $1,904, $1,910, $1,917
Key Supports: $1,872, $1,867, $1,862, $1,855, $1,848
Take a look and do trade wisely!