Key U.S. Economic Indicators to Keep In Mind While Trading in Gold During U.S. Session; Feb 22, 2022
Key U.S. Economic Indicators to Keep In Mind While Trading in Gold During U.S. Session:
Today’s U.S. session will remain busy as U.S. has scheduled to release many key economic Indicators but the key indicators will be U.S. Flash Manufacturing as well as Services PMI data scheduled at 1445 GMT/2015 IST and thereafter Richmond Manufacturing Index data at 1500 GMT/2030 IST.
Flash PMI data 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 800 purchasing managers which asks respondents to rate the relative level of business conditions including employment, production, new orders, prices, supplier deliveries, and inventories.
While Richmond Manufacturing Index is derived via a survey of about 55 manufacturers in the Richmond area which asks respondents to rate the relative level of business conditions including shipments, new orders, and employment.
Let’s see how Gold has reacted during the Flash PMI data release:
- The Gold depreciates sharply ahead of Key U.S. Flash PMI data and stabilizes below $1,900 mark.
- Today pair made intraday high at $1,914 and low at $1,894 mark.
- A day chart and H1 chart with triple EMA suggest up trend for the time being.
- A sustained close above $1,904 on H1 chart requires for the upside rally.
- Alternatively, a consistent close below $1,891 on H1 will check further supports.
Take a look and do trade wisely!