Key U.S. Indicators to keep in Mind While Trading in Gold during U.S. Session; Feb 03, 2022
Key U.S. Indicators to keep in Mind While Trading in Gold During U.S. Session
Today U.S. has scheduled to release Prelim Non Farm Productiviy q/q and unemployment Claims weekly data at 1330 GMT/1900 IST. Thereafter, U.S. will come up with the ISM Services PMI resutls at 1500 GMT/2030 IST.
Prelim Non Farm Productivity: (1330 GMT/1900 IST)
Productivity and labor-related inflation are directly linked – a drop in a worker’s productivity is equivalent to a rise in their wage. When businesses pay more for labor the higher costs are usually passed on to the consumer.
U.S. ISM Services PMI: (1500 GMT/2030 IST)
U.S. ISM Services PMI 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 300 purchasing managers which asks respondents to rate the relative level of business conditions including employment, production, new orders, prices, supplier deliveries, and inventories.
- The Gold trades slightly lower on Thursday and trading around $1,800 mark.
- Today pair made intraday high at $1,809 and low at $1,800 mark.
- A day chart and H1 chart with triple EMA suggest up trend for the time being.
- A sustained close above $1,812 on H1 chart requires for the upside rally.
- Alternatively, a consistent close below $1,796 on H1 will check further supports.
Take a look and do trade wisely!