Chance to Grab $10+ in Gold during U.S. Services PMI Data; Nov 04, 2020

U.S. ISM Services PMI

U.S. will publish ISM Services PMI data around 1500 GMT/2030 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 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:

Oct 05

Sept 03

Technical Analysis:

XAU/USD (Gold): Gold reverses previous loss and stabilizes back above $1,900 mark. Today pair made intraday high at $1,916 and low at $1,882 mark. A sustained close above $1,909 requires for the upside rally. On the other side, consistent close below $1,895 will check key supports as well. Key support levels are seen around $1,882, $1,876, $1,867, $1,858, $1,849, $1,840, $1,822, $1,809 and $1,787 mark respectively. Key resistances are seen at $1,916, $1,922, $1,927, $1,932, $1,940, $1,947, $1,957 and $1,972 marks respectively.

Take a look and do trade wisely!
Good Luck