Gold Strengthens Ahead of U.S. Flash PMI Results, $15+ Volatility in Gold; July 22, 2022
U.S. Flash Manufacturing & Services PMI data
Today U.S. will come up with the Flash PMI data at 1345 GMT/1915 IST. Flash 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 800 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:
- Gold appreciates sharply on Friday ahead of Flash PMI results and touches $1,725 mark.
- The pair made intraday high at $1,725 and Low at $1,712 mark.
- A day chart is down and H1 chart with triple EMA suggests up trend for the time being.
- A sustained close above $1,724 on H1 chart requires for the upside rally.
- Alternatively, a consistent close below $1,712 on H1 chart will test further supports.
Take a look and do trade wisely!