Gold Exhibits Range Bound Movement Ahead of U.S. Flash Manufacturing & Services PMI Data, $8+ Volatility Likely; April 23, 2021
U.S. Flash Manufacturing & Services PMI
Today U.S. will release Flash Manufacturing & Services PMI data at 1345 GMT/1915 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 survey of about 800 purchasing managers which asks respondents to rate the relative level of business conditions including employment, production, new orders, prices, supplier deliveries, and inventories. If the actual data comes above 50.0, it indicates industry expansion otherwise below 50 indicates contraction.
Let’s see how Gold has reacted during the previous data release:
XAU/USD (Gold): Gold moves in rigid boundaries ahead of U.S.’s Key Economic Indicators. The pair made intraday high at $1,789 and low at $1,781 mark. A day chart confirms up trend for the time being while H1 Chart with Triple EMA is showing sideways movement. A sustained close above $1,788 on H1 chart requires for the upside rally. Alternatively, a consistent close below $1,780 will check further supports.
Key Resistances: $1,794, $1,799, $1,805, $1,812, $1,820
Key Supports: $1,780, $1,776, $1,772, $1,767, $1,762
Take a look and do trade wisely!