Gold Spikes Down Immediately After Robust U.S. PMI Data; Nov 23, 2020

Gold Spikes Down Immediately After Robust U.S. PMI Data

Gold depreciates sharply after Manufacturing as well as Services PMI data as both the reading shows higher than expected PMI data. The pair made intraday high at $1,876 mark while touched $1,835 mark in early U.S. session.

In addition, other headlines to keep in mind while trading in Gold are as follows:

  • Trump Administration Considers New Alliance to Retaliate Against Chinese Economic Coercion — Sources.
  • Time is short. Fundamental divergences still remain, but we are continuing to work hard for a deal – Sources.
  • On the other hand, Vaccine optimism is key factor to make U.S. dollar strong.

Technical View:

XAU/USD (Gold): Gold depreciates sharply immediately after U.S. PMI data. Today pair made intraday high at $1,876 and low at $1,835 mark. A sustained close above $1,902 requires for the upside rally. On the other side, consistent close below $1,842 will check key supports as well. Key support levels are seen around $1,832, $1,827, $1,821, $1,817, $1,808 and $1,787 mark respectively. Key resistances are seen at $1,876, $1,882, $1,887, $1,892, $1,902, $1,917, $1,922, $1,940, $1,947, $1,967, $1,974, $1,982, $1,991, $1,999 and $2,000 marks respectively.

Take a look and do trade wisely!
Good Luck