Chance to grab $10+ in Gold During U.S. ISM Non – Manufacturing PMI Data

U.S. ISM Non – Manufacturing PMI Data

U.S. has scheduled to release ISM non – 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. This data is derived by 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:

Sept 03

Aug 05

Technical View:

XAU/USD (GOLD): Gold remained highly volatile since Asian hours. Today pair made intraday high at $1,906 and low at $1,887 mark. A sustained close above $1,906 requires for the upside rally. On the other side, consistent close below $1,885 will check key supports as well. Key support levels are seen around $1,876, $1,862, $1,854, $1,849, $1,840, $1,822, $1,809 and $1,787 mark respectively. Key resistances are seen at $1,912, $1,922, $1,932, $1,940, $1,947, $1,957 and $1,972 marks respectively.

Take a look and do trade wisely!
Good Luck