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According to the DailyFX Economic Calendar, ISM manufacturing PMI for April crossed the wires at 60.7 versus the consensus expectation of 65, sending the US Dollar lower.
Optimism over a full reopening in the US has grown stronger over the last few weeks as the country’s vaccine rollout impresses even the most pessimistic forecasters.
While that may be true, the US is likely still on its way to a full reopening, and economic strength is expected to continue in the coming months.
“I mentioned that I expect GDP growth this year to be the fastest in decades.
The pressing concern for gold prices may lie with inflation and whether or not the forecasted lift – which is already being seen throughout the economy – will be transitory or lasting.
Analysts are expecting the United States to add nearly 1 million jobs, which would put the two-month streak at nearly 2 million jobs added following last month’s 916k jobs gain.
While XAU/USD has made significant progress since shifting higher from the late March swing low – the second bottom of a Double Bottom formation – the yellow metal still has considerable technical obstacles to overcome.
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