U.S. Flash Manufacturing PMI & Services PMI
U.S. will release manufacturing PMI as well as services PMI data around 1345 GMT/0715 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. If actual data comes above 50.0 that indicates industry expansion and below 50.0 indicates contraction. This time market is expecting flat to positive data from both the readings.
Let’s see how gold has reacted during the previous data release:
XAU/USD (GOLD): Gold hovers around $1,950 mark. Today pair made intraday high at $1,956 and low at $1,933 mark. A sustained close above $2,001 requires for the upside rally. Alternatively, reversal from key resistance will take the parity down towards key supports around $1,922, $1,890, $1,862, $1,840, $1,822, $1,809 and $1,787 mark respectively. Key resistances are seen at $1,957, $1,972, $1,987, $1,994, $2,008, 2,020, 2,038 and $2,063 marks respectively.
Take a look and do trade wisely!