Heading: Chance To Grab $15 Volatility In GOLD during U.S. ISM Manufacturing PMI Data
U.S. ISM Manufacturing PMI Data
U.S. will release ISM manufacturing PMI data around 1400 GMT/0730 IST. This data is derive via 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. If actual data is higher than forecasted then only it is good for U.S. dollar. In addition, the reading above 50.00 indicates industry expansion. This time market has forecasted flat to positive data around 54.6 against 54.2 previous released.
Let’s see how gold has reacted during the previous data release:
XAU/USD (GOLD): Gold touches $1,992 mark in Asian hours. Today pair made intraday high at $1,992 and low at $1,965 mark. A sustained close above $2,001 requires for the upside rally. Alternatively, reversal from key resistance will take the parity down towards key supports around $1,967, $1,940, $1,922, $1,910, $1,902, $1,890, $1,862, $1,840, $1,822, $1,809 and $1,787 mark respectively. Key resistances are seen at $1,994, $2,008, 2,020, 2,038 and $2,063 marks respectively.
Take a look and do trade wisely!