U.S. Chicago PMI & CB Consumer Confidence
The Key event from the U.S. will be Chicago PMI (1345 GMT/1915 IST) and CB Consumer Confidence data at 1400 GMT/1930 IST. No previous data on CB Consumer Confidence will be available.
On the other side, U.S. Chicago PMI is 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 survey of around 200 purchasing managers in Chicago 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 moves in rigid boundaries ahead of U.S. Chicago PMI Data.
- It made intraday high at $1,819 and low at $1,809 mark.
- A day chart is down and H1 chart with triple EMA suggests bullish trend for the time being.
- A sustained close above $1,818 on H1 chart requires for the upside rally.
- Alternatively, a consistent close below $1,809 will check further supports.
Take a look and do trade wisely!