Gold prices are posting good gains in pre-U.S.-session trading, on more short covering in the futures market and bargain hunting in the cash market.
In overnight news, the Euro zone’s Markit composite purchasing managers’ index (PMI) fell to 55.7 in June from 56.8 in May. The June number was lower than expected and at a five-month low.
The key “outside markets” on Friday morning see Nymex crude oil futures prices firmer on more tepid short covering after hitting a 14-month low on Wednesday. The oil market bears still have the solid overall near-term technical advantage as prices are trading below $43.00 a barrel. Meantime, the U.S. dollar index is lower early today. The index has stabilized this week, but the bears still have the overall near-term technical advantage.
U.S. economic data due for release Friday includes the flash U.S. services and manufacturing purchasing managers’ indexes, and new residential sales.
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