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Gold price continues to struggle as U.S. ISM Services PMI falls to 54
The gold market continues to face solid selling pressure as prices have been unable to break through initial resistance at $4,200, and the precious metal is unlikely to attract renewed bullish momentum as activity in the U.S. services sector remains resilient. The Institute for Supply Management (ISM) announced on Monday that its Services Purchasing Managers Index fell to 54.0 in June after posting a reading of 54.5 in May. The headline figure was broadly in line with consensus forecasts, as economists had expected a reading of around 54.2. Although the headline data continues to point to positive economic growth, ... (full story)
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Economic activity in the services sector continued to expand in June, say the nation's purchasing and supply executives in the latest ISM® Services PMI® Report. The Services PMI® registered 54 percent, the 24th consecutive month in expansion territory. The report was issued today by Steve Miller, CPSM, CSCP, Chair of the Institute for Supply Management® ...
From kitco.com | 4 hr ago
Although gold prices have been unable to break initial resistance above $4,200, one market strategist expects the worst of the selling pressure from the months-long correction may now be over. In his latest precious metals note, Ole Hansen, Head of Commodity Strategy at Saxo Bank, said he believes the price action in the gold market is shifting from ...
From miningweekly.com | 9 hr ago
JPMorgan said demand for gold from key sectors would not be as strong as it had expected, limiting the rise in gold prices this year to $4 300/oz in the third quarter and $4 500/oz in the fourth quarter. The bank said the risks to its forecast skew to the downside, given possible early interest rate hikes by the U.S. Federal Reserve if data were to come in ...
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- Jul 6, 5:48pm | 1 hr 57 min ago Posted byFundamental Analysis37
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