Key U.S. Indicators to Keep in Mind While Trading In Gold During U.S. Session; May 24, 2022
Key U.S. Indicators to Keep in Mind While Trading in Gold during U.S. Session
Today U.S. will release Flash PMI data at 1345 GMT/1915 IST and New Home Sales along with Richmond Manufacturing Index data at 1400 GMT/1930 IST. As the time interval between two fundamentals are less and in case of mixed data release, U.S. dollar likely to remain volatile against key pairs.
Here we will study the previous impact of the U.S. Flash PMI data and forecast the likely movement of the gold during the U.S. session. Flash 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 800 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:
- Gold trades marginally higher on Tuesday and remains well supported above $1,850 mark.
- Today pair made intraday high at $1,860 and low at $1,849 mark.
- A day chart is down and H1 chart with triple EMA suggests up trend for the time being.
- A sustained close above $1,862 on H1 chart requires for the upside rally.
- Alternatively, a consistent close below $1,848 on H1 chart will test further supports.
Take a look and do trade wisely!