U.S. PMI Data Creates $10 Volatility in Gold, Be Watchful; Oct 23, 2020
U.S. Flash Manufacturing PMI & Services PMI Data
U.S. will publish PMI data around 1345 GMT/1915 IST. 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. This data is derived via 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:
XAU/USD (Gold): Gold trades marginally higher on Friday and currently hovers around $1,910 mark. Today pair made intraday high at $1,911 and low at $1,901 mark. A sustained close above $1,924 requires for the upside rally. On the other side, consistent close below $1,904 will check key supports as well. Key support levels are seen around $1,894, $1,882, $1,876, $1,864, $1,857, $$1,849, $1,840, $1,822, $1,809 and $1,787 mark respectively. Key resistances are seen at $1,917, $1,922, $1,927, $1,932, $1,940, $1,947, $1,957 and $1,972 marks respectively.
Take a look and do trade wisely!