Key U.S. Indicators To Keep In Mind While Trading Gold
Today’s U.S. Session will remain Interesting one as U.S. ADP job data (1315 GMT/1845 IST), ISM Services PMI (1445 GMT/2015 IST) and U.S. FOMC Meeting Minutes (1900 GMT/0030 IST) scheduled.
U.S. ADP Non Farm Employment Change
U.S. ADP Job data provides an early look at employment growth, usually 2 days ahead of the government-released employment data. Job creation is an important leading indicator of consumer spending, which accounts for a majority of overall economic activity. Here ADP analyzes payroll data from more than 23 million workers to derive employment growth estimations.
Final Services PMI Data
It is derived via a Survey of about 400 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:
FOMC Meeting Minutes:
It’s a detailed record of the FOMC’s most recent meeting, providing in-depth insights into the economic and financial conditions that influenced their vote on where to set interest rates. Traders eye for the some clues on the timing of the first rate hike. In case of perfect hint on the Interst Rate hike, U.S. dollar may get volatile otherwise this event will remain muted in terms of volatility.
- The Gold rises on Wednesday and touches around $1,820 mark.
- Today pair made intraday high at $1,820 and low at $1,812 mark.
- A day chart and H1 chart with triple EMA suggest up trend for the time being.
- A sustained close above $1,818 on H1 chart requires for the upside rally.
- Alternatively, a consistent close below $1,808 will check further supports.
Take a look and do trade wisely!