Gold Weakens Ahead of U.S. ISM Manufacturing PMI Data, $10+ Volatility Likely; Aug 02, 2021

U.S. ISM Manufacturing PMI Results

Today U.S. will release ISM Manufacturing 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. 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:

July 01:

June 01:

Technical View:

XAU/USD (Gold):

  • Gold starts a new week on a lower note and hovers around $1,810 mark.
  • Today pair made intraday high at $1,816 and low $1,806 mark.
  • A day chart and H1 chart with triple EMA suggests bearish trend for the time being.
  • A sustained close above $1,812 on H1 chart requires for the upside rally.
  • Alternatively, a consistent close below $1,806 will check further supports.
$1,802 $1,822
$1,796 $1,827
$1,791 $1,832
$1,786 $1,838
$1,781 $1,842

Take a look and do trade wisely!
Good Luck