PU Prime App

Exclusive deals on mobile

  • Trading Knowledge  >  Trading Blog

4 March 2024,08:02

Trading BlogTrading Knowledge

Trade Of The Day: US Manufacturing PMI Miss, Gold Soars

4 March 2024, 08:02

Share on:
trade of the day US Manufacturing PMI Miss, Gold Soars 4 March 2023

Fundamental Analysis: 

  • Rate Cut Hopes Reignited: Gold price soared over $2060 after US ISM Manufacturing Purchasing Manager Index (PMI), which fell below expectations. This has reignited optimism among market participants regarding the possibility of the Federal Reserve (Fed) implementing rate cuts sooner rather than later. The U.S Manufacturing PMI declined to 47.8 versus the forecast of an increase to 49.5. 

Technical Analysis: 

  • Technical Breakout: The yellow metal was traded higher and breaks above the previous resistance level 2066.00. MACD, which indicates ongoing bullish momentum coupled with bullish market structure suggests the commodity may extend its gains towards the next resistance level. 

  • Resistance and Targets: Should the bullish momentum persist; the price would be heading towards the subsequent resistance level 2122.00. However, a retracement below the support level 2066.00 would signal potential reversal for the commodity. 

Learn more about Support and Resistance levels to help you in technical analysis.

Potential Risks:

Despite the recent data reigniting expectations for an earlier rate cut, the market remains cautious as Atlanta Fed President Raphael Bostic has conveyed a stance indicating the possibility that the Federal Reserve might need to maintain current interest rates for an extended period. This statement from President Bostic has introduced an element of caution and uncertainty within the market. 

Read what are some risk management strategies to help you manage potential trading risks.


Stay updated on key data from U.S, global economic updates, and any shifts in the US Dollar’s strength following our daily financial news or market insights articles.

Grab the trading opportunity and dive into the action risk-free with a free demo account. It is the perfect way to hone your skills and explore the exciting world of trading!

Open Your Free Demo Account And Start Trading

Start trading with an edge today

Trade forex, indices, metal, and more at industry-low spreads and lightning-fast execution.

  • Start trading with deposits as low as $50 on our standard accounts.
  • Get access to 24/7 support.
  • Access hundreds of instruments, free educational tools, and some of the best promotions around.
Join Now

Latest Posts

Fast And Easy Account Opening

Create Live Account
  • 1


    Sign up for a PU Prime Live Account with our hassle-free process.

  • 2


    Effortlessly fund your account with a wide range of channels and accepted currencies.

  • 3

    Start Trading

    Access hundreds of instruments under market-leading trading conditions.

Please note the Website is intended for individuals residing in jurisdictions where accessing the Website is permitted by law.

Please note that PU Prime and its affiliated entities are neither established nor operating in your home jurisdiction.

By clicking the "Acknowledge" button, you confirm that you are entering this website solely based on your initiative and not as a result of any specific marketing outreach. You wish to obtain information from this website which is provided on reverse solicitation in accordance with the laws of your home jurisdiction.

Thank You for Your Acknowledgement!

Ten en cuenta que el sitio web está destinado a personas que residen en jurisdicciones donde el acceso al sitio web está permitido por la ley.

Ten en cuenta que PU Prime y sus entidades afiliadas no están establecidas ni operan en tu jurisdicción de origen.

Al hacer clic en el botón "Aceptar", confirmas que estás ingresando a este sitio web por tu propia iniciativa y no como resultado de ningún esfuerzo de marketing específico. Deseas obtener información de este sitio web que se proporciona mediante solicitud inversa de acuerdo con las leyes de tu jurisdicción de origen.

Thank You for Your Acknowledgement!