Key U.S. Indicators to Keep in Mind While Trading in Gold During U.S. Session
Today U.S. has scheduled to release U.S. Philly Fed Manufacturing Index data at 1330 GMT/1900 IST and thereafter U.S. Existing Home Sales data at 1500 GMT/2030 IST. Philly Fed manufacturing Index is a leading indicator of economic health – businesses react quickly to market conditions, and changes in their sentiment can be an early signal of future economic activity such as spending, hiring, and investment. It is derived via a survey of about 250 manufacturers in the Philadelphia Federal Reserve district which asks respondents to rate the relative level of general business conditions.
While Existing Home Sales is a leading indicator of economic health because the sale of a home triggers a wide-reaching ripple effect. For example, renovations are done by the new owners, a mortgage is sold by the financing bank, and brokers are paid to execute the transaction.
Let’s see how Gold has reacted during the previous data release:
- The Gold takes halt aroudn $1,840 mark ahead of U.S. key economic indicators.
- Today pair made intraday high at $1,844 and low at $1,837 mark.
- A day chart and H1 chart with triple EMA suggest up trend for the time being.
- A sustained close above $1,842 on H1 chart requires for the upside rally.
- Alternatively, a consistent close below $1,832 will check further supports.
Take a look and do trade wisely!