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SpanishGold Slips Below $1,850 mark Ahead of U.S. Chicago PMI data, $10+ Volatility Likely in Gold; May 31, 2022
U.S. Chicago PMI
Today U.S. has scheduled to release Chicago PMI data at 1345 GMT/1915 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 around 200 purchasing managers in Chicago 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:
April 29:
March 31:
Technical View:
XAU/USD (Gold):
- Gold weakens on Tuesday and hovers around $1,850 mark.
- A day chart is down and H1 chart with triple EMA suggests up trend for the time being.
- A sustained close above $1,856 on H1 chart requires for the upside rally.
- Alternatively, a consistent close below $1,846 on H1 chart will test further supports.
| SUPPORTS | RESISTANCES |
| $1,846 | $1,856 |
| $1,842 | $1,862 |
| $1,836 | $1,868 |
| $1,832 | $1,874 |
| $1,826 | $1,878 |
Take a look and do trade wisely!
Good Luck
TP Global FX Research Team
With a decade of Forex Market insight, TP Global FX Research Team delivers you the Market Insight that boosts your Trading Skills