Latest data released by Markit - 23 October 2020
Prior 53.7
- Services PMI 46.2 v 47.0 expected
- Prior 48.0
- Composite PMI 49.4 vs 49.2 expected
- Prior 50.4
The readings here fit with the narrative with what we have seen from the German and French readings - more so the former - earlier in the past 45 minutes.
It reaffirms a two-paced 'recovery', where the manufacturing sector is keeping more resilient overall while the services sector momentum continues to fade into Q4.
Further Development
Analyzing the current trading chart of Gold, I found that there is potential completion of the downside corretion, which is sign for further rise.
I would watch for buying opportunities with the targets at $1,931 and $1,955.
Stochastic just came out from oversold zone and there is the fresh bull cross, which is another sign for the furher rise....
1-Day relative strength performance Finviz
Based on the graph above I found that on the top of the list we got Crude Oil and Lumber today and on the bottom Natural Gas and Lean Hogs.
Key Levels:
Resistances: $1,931 and $1,955.
Support levels: $1,894
