U.S. PMI Data Gives Chance to Grab $9+ In Gold, Nov 23, 2020

U.S. Flash Services & Manufacturing PMI Data

Today’s U.S. session will remain slightly busy as Important Data from U.S. and U.K. are expected. U.S. will release manufacturing as well as services PMI data around 1445 GMT/2015 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:

Oct 23:

Sept 23:

Technical View:

XAU/USD (Gold): Gold falls on Monday and slips back below $1,870 mark. Today pair made intraday high at $1,876 and low at $1,864 mark. A sustained close above $1,902 requires for the upside rally. On the other side, consistent close below $1,861 will check key supports as well. Key support levels are seen around $1,860, $1,852, $1,848, $1,840, $1,822, $1,809 and $1,787 mark respectively. Key resistances are seen at $1,876, $1,882, $1,887, $1,892, $1,902, $1,917, $1,922, $1,940, $1,947, $1,967, $1,974, $1,982, $1,991, $1,999 and $2,000 marks respectively.

Take a look and do trade wisely!
Good Luck