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ISM non-manufacturing PMI- review
Economic activity in the US non-manufacturing sector grew in April for the 51st consecutive month, said the nation's purchasing and supply executives in the latest Non-Manufacturing ISM report. The Non-Manufacturing Business Activity Index increased substantially to 60.9 percent, which is 7.5 percentage points higher than the March reading of 53.4 percent, reflecting growth for the 57th consecutive month at a much faster rate. Growth in the U.S. services sector accelerated in April, rising at the fastest pace in eight months as new orders jumped and overall activity quickened by the most since early 2008.
Technical analysis-
Forecast- The metal rose to the crucial juncture. Currently the gold, sets its trading range between $1,316-$1,297. Breakout either side will create a more trading room up/down. If it breaks the upside resistance at $1,316, it will fly up to $1,320, $1,322, $1,330.60 and $1,334.60 in the least case. Fresh up move will intact only above the $1,335 levels, until the selling on rise is the best strategy. On the down side, if the metal is unable to cross the $1,316 level, it will take a back seat up to $1,285 levels.
Intraday- key level is $1,316, on the down side, at $1,306.
The metal opened on a bullish note as of now. Yesterday's high was very crucial for this week, bulls need to cross the $1,316 level. No fresh buying until it crosses the 50SMA $1,316. If it crosses, then it will shoot up to $1,320, $1,322 is the immediate targets. Currently the metal is trading above the $1,300 mark, it's a mild bullish view in technical base. If the metal is unable to cross $1,316, it will fall to $1,303, $1,300 and $1,297 on an intraday basis. We recommend to go short for targets at $1,306.60, $1,303, $1,301.80, $1,299, $1,296.5 and $1,294. Selling on rise and add more when the metal breaks the $1,306 level. Currently the narrow range for the metal is between $1,316-$1,306.
Recommendations- cmp $1,311.
Strategic traders-
Sell below $1,306.
Buy above $1,316.
Positional traders-
Sell on rally or at cmp, the metal will melt.
Adopt a strategy and trade safe.
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