Gold experienced strong rallies from May 1 to May 24, 2024, driven by the ongoing conflict in the Middle East and negative US economic data, including CPI, employment figures, manufacturing indices, and the FOMC's hawkish stance. On May 22, 2024, gold broke through the demand zone of 2406-2413 due to unexpectedly hawkish FOMC Meeting Minutes.
For the upcoming week, key high-impact news events and data releases are:
May 27, 2024: Bank Holiday
May 28, 2024: CB Consumer Confidence
May 29, 2024: No significant news or data releases
May 30, 2024: Preliminary GDP q/q, Unemployment Claims, Pending Home Sales m/m
May 31, 2024: Core PCE Price Index m/m
Expect a brief retracement in gold prices before resuming a downward move towards 2280. Watch for news and data releases closely; data that support a strong dollar will likely cause gold to fall further. Monitoring these economic indicators is crucial for anticipating gold's next moves.
Good luck guys!
For the upcoming week, key high-impact news events and data releases are:
May 27, 2024: Bank Holiday
May 28, 2024: CB Consumer Confidence
May 29, 2024: No significant news or data releases
May 30, 2024: Preliminary GDP q/q, Unemployment Claims, Pending Home Sales m/m
May 31, 2024: Core PCE Price Index m/m
Expect a brief retracement in gold prices before resuming a downward move towards 2280. Watch for news and data releases closely; data that support a strong dollar will likely cause gold to fall further. Monitoring these economic indicators is crucial for anticipating gold's next moves.
Good luck guys!
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.
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.