GOLD: What it can Reach as Data Approaching?
Hello everyone! Today i want to share some macro analysis with you!
1.
This week will be busy with U.S. economic data, including the Institute for Supply Management (ISM) Manufacturing and Services PMIs, JOLTS job openings, ADP Employment Change, and Non-Farm Payrolls data. On Tuesday at 10:00 EST, the U.S. ISM Manufacturing Purchasing Managers' Index (PMI) for August will be out, and it is expected that, the PMI will rise to 47.8 from July's 46.8.
TECHNICALLY: Momentum has shifted to the negative side, as indicated by the Relative Strength Index (RSI).The RSI has a downward slope, and is close to the neutral level. Therefore, in the short term, gold prices are biased to the downside.
If the gold price stays below $2,500, the next support level will be the 22 August low of 2,470. once the latter is broken, the next target for the gold price will be the confluence of the 15 August volatility low and the 50-day Simple Moving Average (SMA) near the 2,424-2,431 region. The trade stays a sell order trade, with the first focus on resistance around 2507！ $XAU/USD(XAUUSD.FOREX)$ $Gold - main 2412(GCmain)$
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