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Gold prices pared some of its gains on the strong US dollar. It hit a high of $2721 and is currently trading around $2673.
The Flash Manufacturing Purchasing Managers' Index (PMI) for November is at 48.8, showing a slight improvement from 48.5 in October, but still indicates contraction in the manufacturing sector. In contrast, the Flash Services PMI is strong at 57.0, well above the forecast of 55.2, suggesting ongoing growth in services and marking the best reading since March 2022. Overall, the Composite PMI, which combines both sectors, rose to 55.3, indicating growth in economic activity. Meanwhile, consumer sentiment slightly declined to 70.5 but remains positive. Following this data, the U.S. dollar strengthened, reflecting investor confidence and signaling potential influences on future Federal Reserve interest rate decisions.
Market Outlook and Key Indicators
As markets await U.S. PCE data for further direction, the technical outlook for gold prices shows them above short-term and long-term moving averages, indicating a bullish trend. Immediate support is at $2,658, with potential declines targeting $2640/$2630, and lower. Resistance sits at $2720; breaking this level could push prices towards $2,750 or $2,767/$2800. A strategy of buying on dips around $2,660 is advised, with a stop-loss at $2,640 and a target price at $2,750.
