Plan your Gold Trading Strategies Now, A Quick Brief Out From U.S. ISM Services PMI to FOMC Meeting Minutes; July 06, 2022
Key U.S. Indicators to keep in mind while trading in Gold during U.S. session
Today U.S. has scheduled to release ISM Services PMI and JOLTS Job Opening data at 1400 GMT/1930 IST and thereafter U.S. FOMC Meeting Minutes scheduled at 1800 GMT/2330 IST.
As ISM Services PMI and JOLTS Job opening results release at the same time and in case of mixed data release, gold may get volatile at the time of release. Here we will check it out the key effects of the ISM service PMI data only.
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. 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.
Let’s see how gold has reacted during the previous ISM Services PMI data release:
FOMC Meeting Minutes:
During the U.S. session, New York Fed President John Williams will provide more up-to-date commentary on the state of the inflation debate (1300 GMT) while the Federal Reserve releases the minutes of its last meeting (1800 GMT). Meeting Minutes is a detailed record of the FOMC’s most recent meeting, providing in-depth insights into the economic and financial conditions that influenced their vote on where to set interest rates.
Let’s see how the Gold has reacted during the previous FOMC Meeting Minutes:
- Gold continues to trade lower on Wednesday and hovers around $1,760 mark.
- The pair made intraday high at $1,772 and Low at $1,760 mark.
- A day chart and H1 chart with triple EMA suggest bearish trend for the time being.
- A sustained close above $1,778 on H1 chart requires for the upside rally.
- Alternatively, a consistent close below $1,760 on H1 chart will test further supports.
Take a look and do trade wisely!