Gtag:

Gold Consolidating around $1,780 mark ahead of U.S. Flash Manufacturing & Services PMI data, $12+ Volatility Likely; June 23, 2021

U.S. Flash Manufacturing & Services PMI Data

Today U.S. has scheduled to release Manufacturing & Services PMI data around 1345 GMT/1915 IST. 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 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:

May 21:

April 23:

Technical View:

XAU/USD (Gold):

  • Gold exhibits range bound movement on Wednesday and consolidates around $1,780 mark.
  • The pair made intraday high at $1,785 and low at $1,777 mark.
  • A day chart and H1 chart with triple EMA suggests bearish trend for the time being.
  • A sustained close above $1,784 requires for the upside rally.
  • Alternatively, a consistent close below $1,774 will check further supports.
SUPPORTS RESISTANCES
$1,774 $1,787
$1,768 $1,794
$1,762 $1,799
$1,757 $1,805
$1,751 $1,812

Take a look and do trade wisely!
Good Luck

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