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January 24, 2022

Gold Remains Volatile Ahead of U.S. Flash PMI Results, $10+ Volatility Likely; Jan 24, 2022

U.S. Flash Manufacturing & Services PMI Data

Today U.S. has scheduled to release Flash Manufacturing and Services PMI results at 1445 GMT/2015 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 800 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 16:

Nov 23:

Technical View:

XAU/USD (Gold):

The Gold remains volatile on Monday and trading around $1,840 mark.
Today pair made intraday high at $1,844 and low at $1,832 mark.
A day chart and H1 chart with triple EMA suggest up trend for the time being.
A sustained close above $1,838 on H1 chart requires for the upside rally.
Alternatively, a consistent close below $1,830 will check further supports.

SUPPORTS	RESISTANCES
$1,832	$1,847
$1,827	$1,854
$1,821	$1,860
$1,815	$1,864
$1,809	$1,868

Take a look and do trade wisely!
Good Luck

TP Global FX Research Team

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