Gold Enjoys Roller Coaster Movement Ahead of U.S. ISM Manufacturing PMI Data, $9+ Volatility Likely; June 01, 2021
U.S. ISM Manufacturing PMI Data
Today U.S. has scheduled to release ISM 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 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:
XAU/USD: Gold remains highly volatile on Tuesday but remains well supported above $1,900 mark. The pair made intraday high at $1,916 and low at $1,904 mark. A day as well as H1 chart with triple EMA confirms the bullish trend for the time being. A sustained close above $1,915 on H1 chart requires for the upside rally. Alternatively, a consistent close below $1,902 will check further supports.
Key Resistances: $1,919, $1,924, $1,930, $1,937, $1,943
Key Supports: $1,902, $1,897, $1,891, $1,886, $1,880
Take a look and do trade wisely!