U.S. ISM Manufacturing PMI
Today U.S. will release ISM Manufacturing PMI results at 1400 GMT/1930 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 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:
XAU/USD (Gold): Gold moves in rigid boundaries ahead of U.S. ISM Manufacturing PMI results. The pair made intraday high at $1,720 and low at $1,705 mark. A day chart with triple EMA confirm bearish trend for the time being while H1 chart suggest short term trend reversal for the time being. A sustained close above $1,718 on H1 chart requires for the upside rally. Alternatively, a consistent close below $1,702 will check further supports too.
Key Resistances: $1,722, $1,728, $1,732, $1,737, $1,742
Key Supports: $1,702, $1,694, $1,685, $1,676, $1,670
Take a look and do trade wisely!