U.S. ISM Services PMI Data
The last important indicator for the week will be U.S. ISM Services PMI Results scheduled at 1400 GMT/1930 IST. This data will also provide high volatility in the U.S. dollar and its major counterparts. It’s a leading indicator of economic health – businesses react quickly to market conditions, and their purchasing managers hold perhaps the most current and relevant insight into the company’s view of the economy. This data is derived via a survey of about 300 purchasing managers which asks respondents to rate the relative level of business conditions including employment, production, new orders, prices, supplier deliveries and inventories.
Let’s see how Gold has reacted during the previous data release:
- Gold moves in stiff boundaries ahead of U.S. session and hovers around $1,810 mark.
- It made intraday high at $1,814 and low at $1,809 mark.
- A day chart is up and H1 chart with triple EMA suggests bearish trend for the time being.
- A sustained close above $1,818 on H1 chart requires for the upside rally.
- Alternatively, a consistent close below $1,809 on H1 chart will check further supports.
Take a look and do trade wisely!