Gold Price Forecast:XAUUSD recovers from multi-month lows, reclaims $1700 on dismal US PMIs – by christianborjon Gold PMI Recession Fed YieldCurve
Investors’ recession fears re-emerged on weak EU and US PMI data.rises for the second consecutive day after tumbling to a fresh multi-month year low on Thursday, at around $1681, rebounding sharply and hitting a weekly high at $1720.24. Nevertheless, gold extended its gains on Friday and reached a fresh weekly high at $1739.27, but faltered to reclaim the crucial $1750 figure, opening the door for a fall to current price levels. At the time of writing, XAUUSD is trading at $1723.
On Friday, S&P Global reported worldwide PMIs, with readings showing the global economy is slowing down. Particularly the Euro area and US readings were dismal, increasing the likelihood of a recession. The EU S&P Global Manufacturing and Composite PMIs for July dropped 49.6 and 49.4, respectively. In the case of the US, the Services and Composite Indices were the main drivers leading to the downside, falling to 47 and 47.6, respectively.
. Excluding pandemic lockdown months, output is falling at a rate not seen since 2009 amid the global financial crisis, with the survey data indicative of GDP falling at an annualised rate of approximately 1%.” Consequently, the yield curve inversion in the US 2s-10s persists negative for 14 consecutive days and sits at -0.211%, while the US 3-month to 10-year spread flattened to 0.337%.by 75 bps, lifting the Federal funds rate to 2.50%. Gold traders should be aware that there will be no economic projections in the July meeting, which will be revealed in the September reunion.
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