Gold prices rose at the beginning of the week when the latest report showed that US manufacturing activity slowed for the second consecutive month.
Specifically, the purchasing management index in the manufacturing sector decreased to 48.7% in May, compared to 49.2% recorded in April. This figure is weaker than the forecast of the world. expert.
Disappointing economic data raises the possibility that the US Federal Reserve will cut interest rates this year, pushing the dollar to a three-week low and benchmark US Treasury yields falling. dropped to its lowest level in 2 weeks.
Today's world gold price is listed on Kitco at about 2,350 USD/ounce, up 23 USD/ounce compared to early yesterday morning. Gold futures last traded at $2.3716 per ounce, up $25.60.
Gold price forecast
The Fed's interest rate direction will be the main factor affecting the direction of gold in the short term. Therefore, the market will continue to listen for information that is expected to have an impact on the Fed's decision.
This week, besides employment data, the gold market will wait for the interest rate decision of the European Central Bank (ECB). The bank is almost certain to cut interest rates by 25 basis points and this could become the first major central bank to cut interest rates this cycle. The ECB's decision may cause investors to recalculate the time and scale of the Fed's interest rate easing.
Many analysts predict that, ahead of the Fed's monetary policy meeting on June 11-12, many investors will increase buying, causing gold prices to increase sharply before the meeting.
Technically
The important price range today is that gold is trading at 2363 and 2335. If gold wants to regain its strong bullish position, gold needs to surpass the important area at 2363 and 2365 in the opposite direction. The sideways trend will continue when gold Moving towards the 2335 support zone. In the h4 time frame, the two EMA lines show that the main trend is still moving sideways within a wide range. Gold is waiting for a breakthrough from US data this week to escape the border.
Support: 2335 - 2328 - 2315 - 2305
Resistance: 2355 - 2363 - 2374 - 2389
BUY price range 2327 - 2325 stoploss 2321
SELL price range 2374 - 2376 stoploss 2380
Specifically, the purchasing management index in the manufacturing sector decreased to 48.7% in May, compared to 49.2% recorded in April. This figure is weaker than the forecast of the world. expert.
Disappointing economic data raises the possibility that the US Federal Reserve will cut interest rates this year, pushing the dollar to a three-week low and benchmark US Treasury yields falling. dropped to its lowest level in 2 weeks.
Today's world gold price is listed on Kitco at about 2,350 USD/ounce, up 23 USD/ounce compared to early yesterday morning. Gold futures last traded at $2.3716 per ounce, up $25.60.
Gold price forecast
The Fed's interest rate direction will be the main factor affecting the direction of gold in the short term. Therefore, the market will continue to listen for information that is expected to have an impact on the Fed's decision.
This week, besides employment data, the gold market will wait for the interest rate decision of the European Central Bank (ECB). The bank is almost certain to cut interest rates by 25 basis points and this could become the first major central bank to cut interest rates this cycle. The ECB's decision may cause investors to recalculate the time and scale of the Fed's interest rate easing.
Many analysts predict that, ahead of the Fed's monetary policy meeting on June 11-12, many investors will increase buying, causing gold prices to increase sharply before the meeting.
Technically
The important price range today is that gold is trading at 2363 and 2335. If gold wants to regain its strong bullish position, gold needs to surpass the important area at 2363 and 2365 in the opposite direction. The sideways trend will continue when gold Moving towards the 2335 support zone. In the h4 time frame, the two EMA lines show that the main trend is still moving sideways within a wide range. Gold is waiting for a breakthrough from US data this week to escape the border.
Support: 2335 - 2328 - 2315 - 2305
Resistance: 2355 - 2363 - 2374 - 2389
BUY price range 2327 - 2325 stoploss 2321
SELL price range 2374 - 2376 stoploss 2380
Note
Buy zone 2325-2327 + 50 pipsTrade active
Trade closed: target reached
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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.
JOIN OUR FREE TELEGRAM GROUP t.me/+7rqP7ECMjpUxMzBl
MESSAGE US FOR VIP SIGNALS🏆 t.me/Leilani8597
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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.