Gold Hovers around $1,780 mark Ahead of U.S. ISM Manufacturing PMI Data, $10+ Volatility Likely; May 03, 2021
U.S. ISM Manufacturing PMI Results
Today U.S. has scheduled to release 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. If the actual data comes above 50.0, it indicates industry expansion or below indicates contraction.
Let’s see how Gold has reacted during the previous data release:
XAU/USD (Gold): Gold strengthens on Monday and remains well supported around $1,780 mark. Today pair made intraday high at $1,782 and low at $1,767 mark. Today a day as well as H1 chart with triple EMA confirms the bullish trend for the time being. A sustained close above $1,784 requires for the upside rally. Alternatively, reversal from here will take the parity down below $1,770 mark.
Key Resistances: $1,784, $1,789, $1,794, $1,799, $1,805
Key Supports: $1,772, $1,767, $1,762, $1,756, $1,752
Take a look and do trade wisely!