U.S. Flash Manufacturing & Services PMI Results
Today U.S. will release Unemployment Claims weekly data at 1230 GMT/1800 IST and then Flash Manufacturing PMI data at 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:
- Gold rejects key support at $1,760 mark and jumps back above $1,770 mark.
- Today pair made intraday high at $1,776 and low at $1,760 mark.
- A day chart and H1 chart with triple EMA suggests bearish trend for the time being.
- A sustained close above $1,778 on H1 chart requires for the upside rally.
- Alternatively, a consistent close below $1,760 will check further supports.
Take a look and do trade wisely!