U.S. ISM Flash PMI Results
Today U.S. has scheduled to release Flash PMI results at 1345 GMT/1915 IST and Thereafter U.S. Fed Chair Powell is due to speak at 1500 GMT/2030 IST. Powell is due to participate in a virtual panel discussion titled “Monetary and financial stability challenges to central banks in the wake of COVID-19” at an online conference hosted by the South African Reserve Bank.
On the other side, ISM Flash result is 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. It is derived via a survey of about 800 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 rises gradually in European Hours and touches $1,794 mark ahead of U.S. Flash PMI Data.
- Today pair made intraday high at $1,794 and low at $1,782 mark.
- A day chart is down (Likely to crossover for the Bullish trend if upside rally continues) and H1 chart with triple EMA suggests up trend for the time being.
- A sustained close above $1,792 on H1 chart requires for the upside rally.
- Alternatively, a consistent close below $1,778 will check further supports.
- Do keep in mind about U.S. Fed Chair Powell’s speech is scheduled at 1500 GMT/2030 IST.
Take a look and do trade wisely!