Gold Touches $1,815 mark Ahead of U.S. ISM Services PMI Results, $8+ Volatility Likely; July 06, 2021

U.S. ISM Services PMI Data

Today U.S. has scheduled to 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. 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:

June 03:

May 05:

Technical View:

XAU/USD (Gold):

  • Gold strengthens sharply ahead of U.S. ISM Services PMI Data.
  • The pair made intraday high at $1,815 and low at $1,790 mark.
  • A day chart is bearish trend while H1 chart with triple EMA suggests up trend for the time being.
  • A sustained close above $1,812 on H1 chart requires for the upside rally.
  • Alternatively, consistent close below $1,804 will check key supports.
$1,789 $1,815
$1,784 $1,819
$1,778 $1,824
$1,772 $1,830
$1,767 $1,834

Take a look and do trade wisely!
Good Luck