Furthermore, the German Flash Manufacturing PMI, the French Flash Manufacturing PMI, and the French Flash Services PMI remained deep in the contraction territory as well.
Later, the US data should be decisive. The Flash Manufacturing PMI is expected at 49.5 points versus 49.8 points in the previous reporting period, signaling further contraction, while the Flash Services PMI may drop from 50.1 points to 49.9 points indicating contraction again.
The gold price faced a loss in the last hours. The precious metal is trading at $1,967 at the time of writing. The bias remains bullish despite the current correction.
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As you can see on the hourly chart, the gold price found strong resistance at the channel’s upside line before turning to the downside. The breakout through $1,987 static resistance was invalidated, signaling exhausted buyers.
Poor US data should weaken the greenback. This scenario could lift the yellow metal. Gold could register a larger drop only if the US reported positive data. In addition, the Richmond Manufacturing Index will be released as well.
Gold Price Technical Analysis: Uptrend Intact
Today, the fundamentals will be driving the markets. The Eurozone Flash Manufacturing PMI and Flash Services PMI reported further contraction. Surprisingly, the German Flash Services PMI dropped from 50.3 points to 48.0 points, far below 50.1 expected confirming contraction.
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