World gold was supported to increase again yesterday when many recently released US economic data were weaker than expected, leading to increased expectations of FED interest rate cuts along with Middle East tensions heating up again. when Iran's latest threat: Israel must "pay with blood". Today the market focuses on data on unemployment claims, ECB interest rates and especially Nonfarm payrolls published tomorrow.
Data released Wednesday showed U.S. companies added fewer jobs than expected in May, which is consistent with a recent cooling trend in the labor market. Data released Wednesday by the ADP Research Institute, a subsidiary of private employment agency ADP, and the Stanford Digital Economy Lab show the number of private sector jobs in the United States. rose 152,000 in May. The median forecast of economists surveyed was for a rise of 175,000. Markets speculate that the slowing economy will create conditions for the Federal Reserve to cut interest rates this year. Traders in the federal funds futures market are betting that the Fed will cut interest rates by about 50 basis points by the end of the year.
Although the ISM services PMI data released yesterday exceeded expectations, gold was under downward pressure in the period following the news release. But with many other economic data from the US released recently, including ADP payrolls, and being weaker than expected, gold has rebounded. Besides, tensions in the Middle East are heating up again when "Iran's latest threat: Israel must "pay with blood"!" Hossein Salami, commander-in-chief of Iran's Islamic Revolutionary Guard Corps, threatened to retaliate against Israel on Wednesday (June 5). Earlier this week, Israel launched an attack in Aleppo, Syria, killing an Iranian adviser.
Today the market awaits data on unemployment benefit applications and nonfarm payrolls scheduled for release tomorrow. Currently it appears that the US labor market is cooling significantly. This could push up gold prices - The market is gradually "digesting" these expectations.
In summary: Gold is supported to increase when many recent US economic data released are weaker than expected, leading to increased expectations of FED interest rate cuts + tensions in the Middle East. Markets turn to Nonfarm payroll data tomorrow. If the published data is weaker than expected, gold will be supported to increase strongly and vice versa.
About the technical angle.
Support: 2358 - 2354 - 2351 - 2345 - 2340 - 2331
Resistance: 2380 - 2385 - 2390 - 2400 - 2414
🟢BUY price range 2357 - 2355 stoploss 2352 (scalp)
🟢BUY price range 2352 - 2350 stoploss 2347 (scalp)
🟢BUY price range 2341 - 2339 stoploss 2336
🔴SELL price range 2382 - 2380 stoploss 2385 (scalp)
🔴SELL price range 2384 - 2386 stoploss 2389
Scalping strategies will be applied when the resistance - support areas above have entry signals.
Data released Wednesday showed U.S. companies added fewer jobs than expected in May, which is consistent with a recent cooling trend in the labor market. Data released Wednesday by the ADP Research Institute, a subsidiary of private employment agency ADP, and the Stanford Digital Economy Lab show the number of private sector jobs in the United States. rose 152,000 in May. The median forecast of economists surveyed was for a rise of 175,000. Markets speculate that the slowing economy will create conditions for the Federal Reserve to cut interest rates this year. Traders in the federal funds futures market are betting that the Fed will cut interest rates by about 50 basis points by the end of the year.
Although the ISM services PMI data released yesterday exceeded expectations, gold was under downward pressure in the period following the news release. But with many other economic data from the US released recently, including ADP payrolls, and being weaker than expected, gold has rebounded. Besides, tensions in the Middle East are heating up again when "Iran's latest threat: Israel must "pay with blood"!" Hossein Salami, commander-in-chief of Iran's Islamic Revolutionary Guard Corps, threatened to retaliate against Israel on Wednesday (June 5). Earlier this week, Israel launched an attack in Aleppo, Syria, killing an Iranian adviser.
Today the market awaits data on unemployment benefit applications and nonfarm payrolls scheduled for release tomorrow. Currently it appears that the US labor market is cooling significantly. This could push up gold prices - The market is gradually "digesting" these expectations.
In summary: Gold is supported to increase when many recent US economic data released are weaker than expected, leading to increased expectations of FED interest rate cuts + tensions in the Middle East. Markets turn to Nonfarm payroll data tomorrow. If the published data is weaker than expected, gold will be supported to increase strongly and vice versa.
About the technical angle.
Support: 2358 - 2354 - 2351 - 2345 - 2340 - 2331
Resistance: 2380 - 2385 - 2390 - 2400 - 2414
🟢BUY price range 2357 - 2355 stoploss 2352 (scalp)
🟢BUY price range 2352 - 2350 stoploss 2347 (scalp)
🟢BUY price range 2341 - 2339 stoploss 2336
🔴SELL price range 2382 - 2380 stoploss 2385 (scalp)
🔴SELL price range 2384 - 2386 stoploss 2389
Scalping strategies will be applied when the resistance - support areas above have entry signals.
Note
🟢BUY price range 2357 - 2355 +120pipsNote
Gold is on the right track 100%Note
SELL 2382-2380 +100pipsNote
SELL 2384-2386 +120pipsNote
SELL 2384-2386 +350pipsNote
SELL 2384-2386 +800pips
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.