U.S. ISM Manufacturing PMI Data
Today U.S. is going to release ISM manufacturing PMI data at 1400 GMT/0730 IST. Here a survey of about 300 purchasing managers ask respondents to rate the relative level of business conditions including employment, production, new orders, prices, supplier deliveries, and inventories. If the actual data comes greater than forecasted then it is good for U.S. dollar. In addition above 50.0 indicates industry expansion, below indicates contraction. This time market has expected positive reading (53.6) of ISM manufacturing PMI data than 52.6 previous release.
Let’s see how gold has reacted during the past data release:
XAU/USD (GOLD): Gold touched fresh record high $1,986 mark in opening hours. Today pair made intraday high at $1,986 and low at $1,960 mark. A sustained close above $1,975 requires for the upside rally. Alternatively, reversal from key resistance will take the parity down towards key supports around $1,956, $1,947, $1,942, $1,931, $1,912, $1,907, $1,881 and $1,862 mark respectively. Key resistances are seen at $1,986, $1,994, $1,999, $2,005, $2,013 and $2,027 mark respectively.
Take a look and do trade wisely!