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July 24, 2020

U.S. Manufacturing PMI & Services PMI

U.S. Services PMI and Manufacturing PMI

U.S. will release manufacturing PMI as well as services PMI data around 0145 GMT/0715 IST. Markets expect positive as well as above 50.0 reading for both the data. It will be 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 past data release:

June 23:

May 21:

Technical View:

XAU/USD (GOLD): Gold touched $1,898 mark in early Asian hours. Today pair made intraday high at $1,898 and low at $1,881 mark. A sustained close above $1,887 requires for the upside rally. Alternatively, reversal from key resistance will take the parity down towards key supports around $1,881, $1,863, $1,841, $1,817, $1,802, $1,790, $1,784 and $1,770 mark respectively. Key resistances are seen at $1,898, $1,905, $1,912, $1,922 and $1,951 mark respectively.

Take a look and do trade wisely!

Good Luck

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