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Gold edges higher ahead of the European opening

As covered here on Friday afternoon, gold reacted badly to higher than expected US PMI flash readings for June. The fact that all three (Services, Manufacturing and composite) exceeded expectations was important and especially the services index (rising to 55.1 from an expected 54) is evidence (if confirmed) that the US economy is still in good shape and still expanding. This was bad news for Gold and it seems to have caused a few longs to bail ahead of the weekend. So, the noted slide later extended to a low at $2,316.82 and the metal subsequently closed the week at $2,321.98. That was down by almost $50 from the earlier session high (2,368.75). That close was also back underneath its 50 day moving average (then at 2,343.37). Overnight Gold has traded mostly sideways, but with a slight upward bias from an earlier session low. The range has been covered by $2,317.79 to $2,326.72. It is currently trading at $2,325.65

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