Gold Rises Sharply Ahead of U.S. ISM Manufacturing PMI Data, $8+ Movement Likely; Jan 05, 2021

U.S. ISM Manufacturing PMI Data

U.S. is going to release ISM Manufacturing PMI data around 1500 GMT. t’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:

Dec 01:

Nov 02:

Technical View:

XAU/USD (Gold): Gold continues to trade higher on Tuesday and touches $1,951 mark in early U.S. session. The pair made intraday high at $1,951 mark and low at $1,934 mark. On the top side key resistances are seen at $1,955, $1,962, $1,972 and $1,976 mark respectively. Alternatively, reversal from this will drag the parity down towards key supports around $1,932, $1,920, $1,912 and $1,902 mark.

Take a look and do trade wisely!
Good Luck

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