Gold recovers due to US data

Source: Dukascopy Bank SA


The Institute for Supply Management has published the US Manufacturing sector Purchasing Managers Index. The index has come in below expectations. Markets expected the PMI to be at 49.8, but the actual reading is 48.7. US Dollar index reacted to the news by dropping 0.18% and extending a prior decline.

On the gold price charts it caused a recovery that pushed through the resistance of the 50 and 100-hour simple moving averages. The price could soon test the 200-hour SMA and the 200-hour simple moving averages and the 2,350.00 level.

If the metal moves above 2,350.00, the 2,360.00 is bound to immediately act as resistance. Higher above, the 2,400.00 could be the target.

On the other hand, a decline of the metal is set to look for support in the 2,300.00 mark.
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Tue, 04 Jun 2024 13:10:12 GMT

EUR/USD breaks above 1.0900

On Monday, the lower than expected US Manufacturing sector Purchasing Managers Index caused a drop of the US Dollar. The index came in below expectations. Markets expected the PMI to be at 49.8, but the actual reading is 48.7. The EUR/USD pushed through the 1.0875/1.0885 range's resistance, the weekly R1 simple pivot point at 1.0893 and the 1.0900 mark.

Mon, 03 Jun 2024 14:39:31 GMT

USD/JPY reacts to US news

The Institute for Supply Management has published the US Manufacturing sector Purchasing Managers Index. The index has come in below expectations. Markets expected the PMI to be at 49.8, but the actual reading is 48.7. USD/JPY reacted to the news by declining to the support zone at 156.00/156.25. By mid-day, the range had held and the declined appeared to

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