Gold Hovers Around $1,830 mark Ahead of U.S. ISM Manufacturing PMI data, $12+ Volatility Likely; June 01; 2022
U.S. ISM Manufacturing PMI data
Today U.S. will 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. 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 spikes down sharply on Wednesday and slips back below $1,830 mark.
- The pair made intraday high at $1,838 and Low at $1,828 mark.
- A day chart and H1 chart with triple EMA suggest down trend for the time being.
- A sustained close above $1,838 on H1 chart requires for the upside rally.
- Alternatively, a consistent close below $1,828 on H1 chart will test further supports.
Take a look and do trade wisely!