US Factory Activity Shrinks the Most in a Decade
United States ISM Purchasing Managers Index (PMI)
September 2019’s, Institute for Supply Management (ISM) Purchasing Management Index (PMI) dropped to a ten-year low of 47.8, from 49.1 in the previous month. Falling short of market expectations of 50.1.
With the manufacturing sector having the steepest month of contraction since June 2009, amid ongoing trade tensions between China and the United States.
On the back of this announcement, Gold climbed from monthly lows at the $1,461 per ounce mark to above $1,480. This marks a slight retracement from the recent falls in Gold, mainly caused by the Golden week (national weekly holiday) in China, where historically the price of Gold becomes weaker as Chinese traders take some time off.
Moving into the week, should the market close above the $1,483 this is a positive affirmation of bulls coming back into this trade to potentially aim at the $1,500 per ounce mark again.
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