Gold Depreciates Ahead of U.S. ISM Services PMI data, $12+ Volatility Likely in gold; Aug 03, 2022
U.S. ISM Services PMI Data
Today U.S. calendar will remain light but the key indicators will publish at 1400 GMT/1930 IST and that is U.S. ISM services PMI data and Factory Orders. ISM Services PMI is 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 weakens ahead of U.S. ISM Services PMI data and touches $1,760 mark.
- The pair made intraday high at $1,770 and Low at $1,755 mark.
- A day chart and H1 chart with triple EMA suggest bearish trend for the time being.
- A sustained close above $1,774 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!