The ISM Non-Manufacturing Index is set for an update on Tuesday, and the consensus forecasts project marginal improvement to be observed in December of last year.
The Institute for Supply Management in the US recorded 53.9 index points in November, and the general projections for December anticipate an appreciation of the index to 54.5.
If these anticipations are met on Tuesday, the ISM Non-Manufacturing index will reach just below the 3-months high at 54.7, confirming the stabilisation of the American industry (excluding manufacturing).
This would be the first instance of a release of industry-related data that would reflect the aftermath of the signing of phase one of the trade deal negotiations between the US and China.
Thus, Tuesday’s report would demonstrate whether industry managers’ confidence has been bolstered following the renewed discussions between the world’s two biggest economies.
Nevertheless, Donald Trump had previously stated that he is in no rush to fully resolve the trade dispute unless China is ready to meet his demands, which could somewhat lessen the excitement amongst industry managers in the US.
This could cause the recent hike in the price of gold to subside as global trade uncertainty starts to wane.
The price of the gold has formed a massive markup, driven mostly by the escalation of the tensions between the US and Iran, and the market is expecting the formation of a short-term bearish correction.
GOLD 1D Price Chart. Image source: Trendsharks ©, created with TradingView.com
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