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Hurt By Strong US Flash PMIs

GOLD

Gold is slightly higher in the Asia-Pac session, after closing 1.6% lower at $2321.98 on Friday following stronger-than-expected US PMI data, which in turn provided a USD bid.

  • The US composite flash PMI rose to 54.6, marginally above the May reading, and a two-year high suggesting growth is holding up reasonably well.
  • Over the week, the yellow metal fell a modest 0.5%. Nevertheless, it remains up ~12% this year.
  • According to MNI’s technicals team, bullion’s sharp sell-off on Jun 7 reinforced a short-term bearish theme. The yellow metal recently pierced the 50-day EMA, at $2,317.69, a clear break of which would open $2,277.4, the May 3 low. Initial firm resistance is $2,387.8, the Jun 7 high.
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