Gold price jumped and the US dollar plummeted following a release of the New York Empire Manufacturing index for January at 14:30. Release turned out to be a massive disappointment with the headline index dropping from 31.9 pts in December to -0.7 pts in January. Massive drop was led by drops in shipment and orders subindices. 23% of survey respondents pointed that business conditions have worsened over the past month, in a sign that post-pandemic economic recovery may be stalling. Deliveries subindex drop slightly, suggesting an even longer waiting time. Price subindex moved lower as well, which can be seen as a positive. However, it still remains elevated at 76.7 (down from 80.2 in December).
The release triggered a price spike on the GOLD chart. As a result, precious metal erased declines made earlier and is now trading little change on the day. Gold price has recently failed to break above the resistance zone marked with 38.2% retracement of the downward move started in August 2020 but a retest cannot be ruled out following a today's jump.
GOLD recovered from today's declines following release of the NY Empire index for January. Source: xStation5
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