Gold has been in recovery mode in this first half of the week after experiencing one of the worst drawdowns in decades. The fundamentals are still against rising prices, so we either get stuck in a wide range below the January’s high or will see another flush lower in the next weeks or months. In fact, on Monday we got a strong US ISM Manufacturing PMI with the new orders index jumping to the highest level since 2022. The data didn’t trigger another selloff as the Fed is mostly focused on the labour market and inflation, but the risks for further downside remain. Today, we have the US ADP and the US ISM Services PMI ... (full story)