A Short Term Outlook: XAU/USD (Gold): Aug 01, 2022
A Short Term Outlook: XAU/USD (Gold)
Today U.S. has scheduled to release ISM Manufacturing PMI data at 1400 GMT/1930 IST. It’s 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.
Let’s see how Gold has reacted during the previous data release:
- Gold strengthens on Monday and jumps back above $1,770 mark.
- The pair made intraday high at $1,771 and Low at $1,758 mark.
- A day chart is down and H1 chart with triple EMA suggests up trend for the time being.
- A sustained close above $1,770 on H1 chart requires for the upside rally.
- Alternatively, a consistent close below $1,756 on H1 chart will test further supports.
Take a look and do trade wisely!