We saw a sizeable move lower in the gold price after the Chicago PMI came in much higher than forecast, with gold subsequently falling to a low of $1319

Chris Weston
Chris Weston IG Markets

We saw a sizeable move lower in the gold price after the Chicago PMI came in much higher than forecast, with gold subsequently falling to a low of $1319. The upshot of the higher Chicago manufacturing print is tonight's ISM manufacturing should hold up well, with the market currently expecting a read of 55.0 on this index, just down from 56.2 last month. An above consensus print could push gold closer to the former August 28 downtrend at $1274.

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