Gold Remains Volatile Ahead of U.S. ISM Services PMI Data, $9+ Movement Likely; Jan 07, 2021
U.S. ISM Service PMI Data
Today’s U.S. session will reasonably busy as U.S. is scheduled to release trade balance (1330 GMT), unemployment claims weekly (1330 GMT) and ISM service PMI data (1500 GMT).
Here I am briefing you out about the ISM Service PMI data. 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.
Let’s see how Gold has reacted during the previous data release:
XAU/USD (Gold): Gold enjoys roller coaster movement and moves adequately in between two key levels that are $1,927 and $1,908 mark. On the top side key resistances are seen at $1,927, $1,932, $1,940 and $1,948 mark respectively. Alternatively, key supports are seen around $1,902, $1,897, $1,892 and $1,885 mark respectively.
Take a look and do trade wisely!