The Institute for Supply Management released the January value for its Index, which ramped up from December's 58.5% to January's 60.8%. Expectations were for the number to stay flat, not jump as it did. January marks the 18th straight month that factory activity expanded.
Correctly anticipating a recovery-compatible number, gold started dropping before the release of the number at 10:00; that time saw the metal hovering around $1,334. Twenty minutes after, the metal had plunged down to $1,324.50 before rebounding to the high 1320s. Again, the now-restored $1,325 support level held.
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