Gold Slips Below $1,890 mark as U.S. ADP Job Data Meets Expectations, Markets Eye U.S. ISM Services PMI Data; June 03, 2021
U.S. ISM Services PMI Results
U.S. will release ISM Services PMI data at 1400 GMT/1930 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. 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. Above 50.0 indicates industry expansion, below indicates contraction.
Let’s see how Gold has reacted during the previous data release:
XAU/USD (Gold): Gold continues to trade lower as U.S. released ADP Job data with positive numbers.
The pair made intraday high at $1,909 and low at $1,889 mark. A day chart suggests up trend but H1 chart suggests bearish trend for the time being. A sustained close above $1,910 requires for the upside rally. Alternatively, a consistent close below $1,889 on H1 chart will check further supports.
Key Resistances: $1,910, $1,916, $1,922, $1,929, $1,936
Key Supports: $1,886, $1,880, $1,876, $1,870, $1,864
Take a look and do trade wisely!