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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 | 5 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 msn.com | 1 hr 7 min ago
Demand for gold from key sectors will fail to meet expectations, limiting the rise in gold prices this year to $4,300/oz in Q3 and $4,500/oz in Q4, J.P. Morgan said Monday, after previously forecasting gold prices to climb to $6K by year-end. JPM said the risks to its forecast skew to the downside, given potential interest rate hikes by the U.S. Federal ...
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- Jul 6, 5:48pm | 3 hr ago Posted byFundamental Analysis45
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