Gold Appreciates Noticeably Ahead of U.S. ISM Services PMI Data, $10+ Volatility Expected; Dec 03, 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 derives 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. Above 50.0 indicates industry expansion, below indicates contraction.
Let’s see how Gold has reacted during the previous data release:
XAU/USD (Gold): Gold strengthens sharply on Thursday and hits fresh 8 – day high at $1,843 mark. Today pair made intraday high at $1,843 and low at $1,826 mark. A sustained close above $1,837 requires for the upside rally. On the other side, consistent close below $1,830 will check key supports as well. Key support levels are seen around $1,815, $1,802, $1,787, $1,776, $1,764, $1,758, $1,747, $1,740 and $1,720 mark respectively. Key resistances are seen at $1,837, $1,842, $1,850, $1,857, $1,876 and $1,882 marks respectively.
Take a look and do trade wisely!