Gtag:

Key U.S. Indicators to keep in Mind While Trading in Gold during U.S. Session; Feb 03, 2022

Key U.S. Indicators to keep in Mind While Trading in Gold During U.S. Session

Today U.S. has scheduled to release Prelim Non Farm Productiviy q/q and unemployment Claims weekly data at 1330 GMT/1900 IST. Thereafter, U.S. will come up with the ISM Services PMI resutls at 1500 GMT/2030 IST.

Prelim Non Farm Productivity: (1330 GMT/1900 IST)

Productivity and labor-related inflation are directly linked – a drop in a worker’s productivity is equivalent to a rise in their wage. When businesses pay more for labor the higher costs are usually passed on to the consumer.

Nov 04:

Aug 10:

U.S. ISM Services PMI: (1500 GMT/2030 IST)

U.S. ISM Services PMI 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 300 purchasing managers which asks respondents to rate the relative level of business conditions including employment, production, new orders, prices, supplier deliveries, and inventories.

Jan 06:

Dec 03:

Technical View:

XAU/USD (Gold):

  • The Gold trades slightly lower on Thursday and trading around $1,800 mark.
  • Today pair made intraday high at $1,809 and low at $1,800 mark.
  • A day chart and H1 chart with triple EMA suggest up trend for the time being.
  • A sustained close above $1,812 on H1 chart requires for the upside rally.
  • Alternatively, a consistent close below $1,796 on H1 will check further supports.
Supports Resistances
$1,799 $1,809
$1,794 $1,814
$1,787 $1,820
$1,781 $1,826
$1,776 $1,832

Take a look and do trade wisely!
Good Luck

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