Gold Rises Noticeably Ahead of U.S. HPI, Richmond Manufacturing Index Data; $6+ Volatility Likely in Gold; Dec 28, 2021

U.S. Richmond Manufacturing Index Results

Today U.S. has scheduled to release HPI data at 1400 GMT/1930 IST and Richmond Manufactuirng Results at 1500 GMT/2030 IST. Here I am discussing only about the Richmond Manufactuirng Index data. It 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. Tends to have a muted impact because there are earlier regional indicators related to manufacturing conditions.

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

Nov 23:

Oct 26:

Technical View:

XAU/USD (Gold):

  • The Gold strengthens on Tuesday and touches $1,818 mark.
  • Today pair made intraday high at $1,818 and low at $1,808 mark.
  • A day chart and H1 chart with triple EMA suggests up trend for the time being.
  • A sustained close above $1,818 on H1 chart requires for the upside rally.
  • Alternatively, a consistent close below $1,804 will check further supports.
$1,804 $1,818
$1,799 $1,822
$1,792 $1,827
$1,786 $1,832
$1,781 $1,838

Take a look and do trade wisely!
Good Luck

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