Gold Trades Flat Ahead of U.S. ISM Services PMI Results, $12+ Volatility Likely; April 05, 2021
U.S. ISM Services PMI Results
Today U.S. has scheduled to release ISM Services PMI as well as Factory orders results 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.
Let’s see how Gold has reacted during the previous data release:
XAU/USD (Gold): Gold moves in stiff boundaries ahead of U.S. ISM Services PMI data. The pair made intraday high at $1,729 and low at $1,721 mark. A day chart suggests downside pressure in long run while H1 chart with triple EMA confirms up trend for the time being. A sustained close above $1,732 requires for the upside rally. Alternatively, current downside movement will drag the parity down below $1,720 mark.
Key Resistances: $1,732, $1,738, $1,742, $1,748, $1,754
Key Supports: $1,722, $1,715, $1,708, $1,702, $1,694
Take a look and do trade wisely!