Gold prices slumped as U.S. yields continued to rally following a stronger than expected ISM services report. U.S. ISM services PMI rose 2.2 points to
Gold prices slumped as U.S. yields continued to rally following a stronger than expected ISM services report. U.S. ISM services PMI rose 2.2 points to 59.1 in October, erasing the 2.1 point decline to 56.9 in September. Economists had expected the ISM service report to come in at 56.5. It compares to 56.9 a year ago. The employment component improved to 59.2 from 58.3. New orders climbed to 62.0 versus 56.7.
Gold slipped through support near an upward sloping trend line and are poised to test the September lows at 1,098. Momentum remains negative with the MACD printing in the red, but the RSI is close to oversold territory which could foreshadow a rebound.
David Becker focuses his attention on various consulting and portfolio management activities at Fortuity LLC, where he currently provides oversight for a multimillion-dollar portfolio consisting of commodities, debt, equities, real estate, and more.
