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SpanishGold Moves In Rigid Boundaries Ahead of U.S. ISM Manufacturing PMI, JOLTS Job Opening Results; A Sustained Break Below $1,801 requires for the Downside Rally; Jan 04, 2022
U.S. ISM Manufacturing PMI Results
U.S. dollar’s Market sentiment is going positive and USD has appreciated sharply against major peers in previous session. Today U.S. will release ISM Manufacturing data & JOLTS Job Openings results at 1500 GMT/2030 IST. As both the data will come at the same time and in case of mixed data release, U.S. dollar may get volatile.
ISM Manufacturing 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. Above 50.0 indicates industry expansion, below indicates contraction.
Let’s see how Gold has reacted during the previous data release:
Dec 01:
Nov 01:
Technical View:
XAU/USD (Gold):
- The Gold moves in rigid boundaries on Tuesday and trading above $1,800 mark.
- Today pair made intraday high at $1,807 and low at $1,801 mark.
- A day chart is slightly up and H1 chart with triple EMA suggests down trend for the time being.
- A sustained close above $1,808 on H1 chart requires for the upside rally.
- Alternatively, a consistent close below $1,798 will check further supports.
| SUPPORTS | RESISTANCES |
| $1,798 | $1,809 |
| $1,791 | $1,814 |
| $1,786 | $1,820 |
| $1,780 | $1,826 |
| $1,774 | $1,832 |
Take a look and do trade wisely!
Good Luck
