U.S. ISM Non – Manufacturing PMI Data

U.S. ISM Non – Manufacturing PMI Data
U.S. will release ISM non- manufacturing PMI data around 1400 GMT/0730 IST. Important to note here that since last 7 – months, U.S. has released this data with positive numbers only. It means Actual data comes higher than expected only. In addition, above 50.0 indicates industry expansion, below indicates contraction. This time markets expect 55.0 reading vs 57.1 previous release.

Here a survey of about 300 purchasing managers taken and 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:
July 06: Positive Data

June 03: Positive Data

Technical Analysis:

Today In every article, I published GOLD Rate with historical high only but this time gold faces hurdle to break $2,044 mark

XAU/USD (GOLD): Gold created historical high of $2,044 and currently stabilizing below $2,040 mark. U.S. has released ADP job data with negative numbers and trade balance with flat data only. According to the economic data, U.S. dollar should fall but it is trading marginally higher.

Today pair made intraday high at $2,044 and low at $2,009 mark. A sustained close above $2,019 requires for the upside rally. Alternatively, reversal from key resistance will take the parity down towards key supports around $1,987, $1,956, $1,947, $1,942, $1,931, $1,912, $1,907, $1,881 and $1,862 mark respectively. Key resistances are seen at $2,047, $2,054, $2,062, $2,071 and $2,082 mark respectively.

Take a look and do trade wisely!
Good Luck