RE:RE:It looks as if the bottom is in for gold+More support for the "the worst is over" argument. [PMI is "Purchasing Managers Index."]
Monday, the S&P Global Flash U.S. Composite PMI said its flash manufacturing PMI data fell to 49.9, down from September's reading of 52. The data was worse than expected; according to consensus estimates, economists were looking for a reading around 51.0.
Meanwhile, activity in the service sector was weaker than expected, falling deeper into contraction territory at 46.6, down from the September reading of 49.3. Economists were looking for a print of around 49.6.
Although gold prices managed to attract some safe-haven buying momentum, there appears to be some sticky resistance around $1,650, keeping prices chained near that level. December gold futures last traded at $1,655.30 an ounce, roughly neutral on the day.
According to economists, the latest economic data continues to raise fears that the U.S. economy is headed to a recession as rising interest rates slow the economy.
https://www.kitco.com/news/2022-10-24/Gold-prices-push-into-neutral-territory-as-flash-PMI-shows-contraction-in-U-S-manufacturing-and-service-sectors.html