A Quick Brief out on U.S. NFP Job Results & ISM Services PMI Data; High Volatility Likely in Gold; June 03, 2022
A Quick Brief out on U.S. NFP Job Results & ISM Services PMI Data; High Volatility Likely in Gold
Today U.S. has scheduled to release U.S. NFP job at 1230 GMT/1800 IST and ISM Services PMI data at 1400 GMT/1930 IST.
NFP Job result is vital economic data released shortly after the month ends. The combination of importance and earliness makes for hefty market impacts. Job creation is an important leading indicator of consumer spending, which accounts for a majority of overall economic activity.
While 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 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:
- Gold trades marginally lower ahead of Key U.S. Economic Data.
- The pair made intraday high at $1,874 and Low at $1,863 mark.
- A day chart is down and H1 chart with triple EMA suggests up trend for the time being.
- A sustained close above $1,876 on H1 chart requires for the upside rally.
- Alternatively, a consistent close below $1,862 on H1 chart will test further supports.
Take a look and do trade wisely!