News To Keep in Mind During U.S. Session: U.S. ADP Job Results, U.S. ISM Manufacturing PMI Data & Fed Chair Powell’s Testimony Day 02
Another Hectic U.S. Session is here. U.S. will release ADP Job Results at 1315 GMT/1845 IST and thereafter U.S. Fed Chair Powell’s Testimony Day 02 along with ISM Manufactruing PMI results scheduled at 1500 GMT/2030 IST.
As today is the second day of the Testimony, more insight views on U.S. Economy are likely to discuss by Powell and yellen both. Here again a text version is made available on the Fed’s website at the start, thus likely bring early volatility on specific hint on interst rate, New Omicron Variant spread or Tapering. Be careful on Powell’s statements and decide the further directions of the U.S. dollar.
ADP 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. While ISM Manufacturing PMI data 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 reelase:
- Gold recovers slightly from previous losses and remains well supported around $1,780 mark.
- Today pair made intraday high at $1,794 and low at $1,772 mark.
- A day chart and H1 chart with triple EMA suggests down trend for the time being.
- A sustained close above $1,790 on H1 chart requires for the upside rally.
- Alternatively, a consistent close below $1,771 will check further supports.
Take a look and do trade wisely!