Gold Rises Noticeably Ahead of U.S. ISM Manufacturing PMI Results, $11+ Volatility Likely in Gold; Feb 01, 2022
U.S. ISM Manufacturing PMI Results
Today the key indicator from the U.S. will be U.S. ISM Manufacturing PMI along with the U.S. JOLTS Job Openings scheduled at 1500 GMT/2030 IST. 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.
Let’s see how Gold has reacted during the previous data release:
- The Gold recovers noticeably on Tuesday and remains well supported above $1,800 mark.
- Today pair made intraday high at $1,808 and low at $1,795 mark.
- A day chart and H1 chart with triple EMA suggest up trend for the time being.
- A sustained close above $1,812 on H1 chart requires for the upside rally.
- Alternatively, a consistent close below $1,798 on H1 will check further supports.
Take a look and do trade wisely!