Breaking Down the Impact of Positive US ISM Non-Manufacturing Data on Gold Prices – 5-3-2024

The release of positive US ISM Non-Manufacturing data is expected to have a significant impact on the gold market, leading to a decrease in gold prices. This report provides a detailed analysis of the expected dynamics and the reasons behind the expected decline in gold prices.

Today’s given signal :

Positive US ISM Non-Manufacturing Data:

The Institute for Supply Management’s Non-Manufacturing Purchasing Managers’ Index (PMI) is a leading indicator of economic activity in the service sector. It measures the monthly changes in business activity, employment, new orders, prices, and overall business sentiment in the non-manufacturing industries. A positive reading indicates expansion in the service sector, which tends to have a positive effect on the overall economy.

Impact on Gold Prices:

When the US economy shows signs of growth and strength, investors tend to turn away from safe haven assets like gold. This is primarily due to the perception that a strengthening economy indicates improved prospects for economic growth and higher returns on other investment options. When investors’ confidence in the economy increases, they often sell their gold holdings and allocate their funds towards riskier assets such as stocks and bonds.

Previous released data results :

On last ISM data (5-2-2024) we predict to BUY XAUUSD as for bad ISM Non-Manufacturing Data price was raised.

Check the previous blog :

Check last given signal :

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