Gold supported during US session – 24 May 2022
Gold is catching a bid as the US session develops. There have been several news releases today which have benefitted the precious metal.
1. The US flash services PMI came in at 53.5, lower than the forecast of 55.1. The pace of expansion was weighed down by hikes in selling prices and concerns over higher rates.
2. The Richmond Manufacturing Index came in at -9 against a forecast of +9.
3. New home sales printed at 591K against an expected 751K, as rising mortgage rates discouraged buyers.
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The precious metal's EMAs are positive with good angle and separation. Notably, the stochastic is above 80 (blue arrow), suggesting underlying solid momentum. If it maintains this position, the momentum will likely support prices.
Russell Shor
Senior Market Strategist
Russell Shor is a Senior Market Strategist at FXCM, having been promoted to the role in 2025 in recognition of his depth of insight and consistent delivery of high-impact market analysis. He originally joined FXCM in October 2017 as a Senior Market Specialist.
Russell holds an Honours Degree in Economics from the University of South Africa, is a certified FMVA®, and a full member of the Society of Technical Analysts (UK). With over 20 years of experience in financial markets, his work is renowned for its clarity, precision, and strategic value across asset classes.
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