Gtag:

Gold Depreciates Ahead of U.S. ISM Manufacturing PMI data, $10+ Volatility Likely in Gold; May 02, 2022

U.S. ISM Manufacturing PMI data

Today U.S. has scheduled to release ISM Manufacturing PMI data at 1400 GMT/1930 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. It 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:

April 01:

March 01:

Let’s check out key headline from Russia – Ukraine:

  • Ukraine President Zelenskyy – Russia wants to completely block Ukraine’s economy.
  • Ukraine will be an important part of deliberations during Prime Minister Narendra Modi’s three day Europe visit: BJP official.
  • .Russia says its military shot down Ukrainian MiG-29 fighter jet
  • Ukraine President Zelenskyy – Russia does not let ships come in or go out, it is controlling the Black Sea. Russia wants to completely block our country’s economy.
  • Ukraine may lose tens of millions of tonnes of grain: Zelenskyy.
  • In his regular daily address to the nation, Ukrainian President Volodymyr Zelenskyy hailed the successful operation and said more evacuations were expected Monday.
  • Zelenskyy calls US visit ‘powerful’ signal.
  • Two explosions took place in the early hours on Monday in Belgorod, the southern Russian region bordering Ukraine, Vyacheslav Gladkov, the region’s governor wrote in a social media post.
  • The upcoming anniversary of Russia’s liberation at the end of World War II will have no bearing on Moscow’s military operations in Ukraine, the country’s foreign minister said on Italian television on Sunday.
  • US senate democratic leader Schumer says he will add provisions in Ukraine aid bill to help US target Russian oligarchs.
  • Ukraine foreign minister says next round of EU sanctions on Russia must include oil embargo.

Source: Times of india

Technical View:

XAU/USD:

  • Gold depreciates on Monday and slips back below $1,880 mark.
  • Today pair made intraday high at $1,900 and low at $1,876 mark.
  • A day chart and H1 chart with triple EMA suggest bearish trend for the time being.
  • A sustained close above $1,899 on H1 chart requires for the upside rally.
  • Alternatively, a consistent close below $1,878 on H1 chart will test further supports.
SUPPORTS RESISTANCES
$1,872 $1,904
$1,867 $1,909
$1,862 $1,914
$1,856 $1,920
$1,849 $1,926

 

Take a look and do trade wisely!
Good Luck

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