Gold Touches $1,872 mark in European Hours, Traders Eye U.S. ADP Job data & ISM Services PMI data for the further Directions; May 04, 2022
Key U.S. Indicators to keep in mind while Trading in Gold during U.S. Session
Today U.S. will release ADP Non Farm Employment Change data at 1215 GMT/1745 IST, U.S. Trade Balance data at 1230 GMT/1800 IST and ISM Services PMI data at 1400 GMT/1930 IST.
U.S. ADP Job creation is an important leading indicator of consumer spending, which accounts for a majority of overall economic activity. ADP analyzes payroll data from more than 23 million workers to derive employment growth estimations.
While ISM Services 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 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:
- Gold rises during European hours and touches $1,872 mark.
- Today pair made intraday high at $1,872 and low at $1,861 mark.
- A day chart and H1 chart with triple EMA suggest bearish trend for the time being.
- A sustained close above $1,872 on H1 chart requires for the upside rally.
- Alternatively, a consistent close below $1,858 on H1 chart will test further supports.
Take a look and do trade wisely!