Gtag:

Gold Touches $1,936 mark Ahead of U.S. Final Manufacturing PMI Data, $8+ Volatility Likely; Jan 04, 2021

U.S. Final Manufacturing PMI

U.S. will publish manufacturing PMI data around 1445 GMT/2015 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 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:

Dec 01:

Nov 02:

Technical View:

XAU/USD (Gold): Gold remains positive on Monday and touched $1,936 mark in early U.S. session. The pair made intraday high at $1,936 and low at $1,898 mark. A sustained close above $1,951 will drag the parity up towards key resistances around $1,957, $1,962, $1,970 and $1,976 mark respectively. On the other end, reversal from key resistance will drag the parity down to check key supports at $1,927, $1,920, $1,912 and $1,902 mark.

Take a look and do trade wisely!
Good Luck

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