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July 23, 2021

Gold Weakens Sharply Ahead of U.S. Flash PMI Results, $15+ Volatility Likely; July 23, 2021

U.S. Flash Manufacturing & Services PMI Data

Today U.S. will release Flash Manufacturing and Services PMI data at 1345 GMT/1915 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. Above 50.0 indicates industry expansion, below indicates contraction. There are 2 versions of this report released about a week apart – Flash and Final. This is the earliest and thus tends to have the most impact.

Let’s see how Gold has reacted during the previous data release:

June 23:

May 21:

Technical View:

XAU/USD (GOLD):

Gold depreciates drastically on Friday ahead of Flash Manufacturing PMI data.
Today pair made intraday high at $1,810 and low $1,795 mark.
A day chart and H1 chart with triple EMA suggests bearish trend for the time being.
A sustained close above $1,809 on H1 chart requires for the upside rally. Alternatively, a consistent close below $1,792 will check further supports.

SUPPORTS	RESISTANCES
$7,791	$32,800
$1,786	$1,818
$1,781	$1,824
$1,776	$1,830
$1,772	$1,834

Take a look and do trade wisely!
Good Luck

TP Global FX Research Team

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