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Gold Remains Volatile Ahead of U.S. Final Manufacturing PMI data, $7+ Volatility Likely; Jan 03, 2022

U.S. Final Manufacturing PMI

Today U.S. banks are closed in observance of the New Year’s Day but still 2 U.S. indicators are scheduled for the day. U.S. will release Final Manufacturing PMI data at 1445 GMT/2015 IST and Construction Spending Data at 1500 GMT/2030 IST.

U.S. Final Manufactuirng PMI data 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. It is derived via a 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 01:

Technical View:

XAU/USD (Gold):

  • The Gold remains volatilie on Monday ahead of U.S. Final Manufactuirng PMI data.
  • Today pair made intraday high at $1,831 and low at $1,821 mark.
  • A day chart and H1 chart with triple EMA suggest up trend for the time being.
  • A sustained close above $1,830 on H1 chart requires for the upside rally.
  • Alternatively, a consistent close below $1,818 will check further supports.
SUPPORTS RESISTANCES
$1,821 $1,836
$1,817 $1,840
$1,811 $1,844
$1,806 $1,849
$1,799 $1,854

Take a look and do trade wisely!
Good Luck

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