The US non-manufacturing PMI rose above estimates in February. Data from ISM showed that non-manufacturing PMI rose to 57.3. This was above estimates of 54.9.
The data also improved on January’s reading of 55.5. The markets did not react much to the news.
Gold Prices Likely to Move into a Range
The precious metal is consolidating within the range of 1655 – 1632. This sideways range is likely to continue in the near term. The precious metal could, however, see a possible breakout. The bias is shifting to the downside and this could be confirmed on a possible failure at 1655.
