Gold Back above $1,800 mark, U.S. Chicago PMI data in Focus; Dec 30, 2021

U.S. Chicago PMI

Today U.S. will release Chicago PMI data at 1445 GMT/2015 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 around 200 purchasing managers in Chicago 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 preivous data release:

Nov 30:

Oct 29:

Technical View:

XAU/USD (Gold):

  • The Gold remains slightly volatile on Thursday and trading around $1,800 mark.
  • Today pair made intraday high at $1,805 and low at $1,796 mark.
  • A day chart is up and H1 chart with triple EMA suggests down trend for the time being.
  • A sustained close above $1,805 on H1 chart requires for the upside rally.
  • Alternatively, a consistent close below $1,798 will check further supports.
$1,792 $1,809
$1,786 $1,814
$1,781 $1,821
$1,776 $1,827
$1,827 $1,832

Take a look and do trade wisely!
Good Luck