Gold Trades in Stiff Boundaries Ahead of Key U.S. Indicators, Key Hurdles are seen at $1,838 to $1,821 mark; March 03, 2022

U.S. ISM Services PMI Data

Today U.S. has scheduled to release ISM Services PMI data along with Factory Orders and Fed Chair Powell’s Testimony at 1500 GMT/2030 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:

Feb 03:

Jan 06:

Technical View:

XAU/USD (Gold):

  • The Gold exhibits range bound movement and hovers around $1,930 mark.
  • Today pair made intraday high at $1,938 and low at $1,922 mark.
  • A day chart and H1 chart with triple EMA suggest bullish trend for the time being.
  • A sustained close above $1,938 on H1 chart requires for the upside rally.
  • Alternatively, a consistent close below $1,924 on H1 will check further supports.

Take a look and do trade wisely!
Good Luck