The Chinese PMI manufacturing index data has been released overnight and it has disappointed market participants. The index was at the level of 48.2 in December versus 48.6 points in November. The reading is clearly worse than economists has expected (49 points) and it is still, 10th time in a row, lower than the key level of 50 points. He Fan, head economist of Caixin Insight Group said: ” The newest PMI reading shows that forces responsible for creating the economic prosperity have met some headwinds, and the economy is in the risk of further slowdown”.
The gold prices have bounced from the support at the level of 1058 and now are trading just above the short-term trend line around the level of 1077. The next resistance is seen at the level of 1081.50.
The material has been provided by InstaForex Company – www.instaforex.com
Global macro overview for 04/01/2016:
The Chinese PMI manufacturing index data has been released overnight and it has disappointed market participants. The index was at the level of 48.2 in December versus 48.6 points in November. The reading is clearly worse than economists has expected (49 points) and it is still, 10th time in a row, lower than the key level of 50 points. He Fan, head economist of Caixin Insight Group said: ” The newest PMI reading shows that forces responsible for creating the economic prosperity have met some headwinds, and the economy is in the risk of further slowdown”.
The gold prices have bounced from the support at the level of 1058 and now are trading just above the short-term trend line around the level of 1077. The next resistance is seen at the level of 1081.50.
The material has been provided by InstaForex Company – www.instaforex.com
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