Xauusd buy confirm signal At the time of writing, Gold price is consolidating the bounce near $2,625 as buyers stay cautious amid an impending Bear Cross
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Today's trading trends, selling strategiesThe employment and economic data released by the US last week showed both positive and negative trends. However, the fairly positive job market has caused the market to predict that the US Federal Reserve (Fed) will not cut interest rates before November this year, instead of September as previously forecast.
Experts say that world gold prices in the next few days will adjust within a narrow range to wait for information from the Fed meeting taking place on June 11-12. Surely the Fed will keep interest rates unchanged this meeting. However, the market will look for information about the health of the US economy and the direction of inflation.
Some financial institutions believe that the Fed cutting interest rates may consider the deflation situation of the world's No. 1 economy, when it twice reported the country's gross domestic product growth in the first quarter. a sharp decrease compared to the fourth quarter of 2023.
Experts recommend that investors should patiently wait for information from the Fed meeting. Because gold prices will be strongly affected when the Fed releases positive information from the US economy.
Gold fell deeply at the end of the week, the downtrend continuedWorld gold prices tend to recover with spot gold increasing by 2.3 USD compared to last week's closing level to 2,294.9 USD/ounce.
The gold market this week is forecast to have many fluctuations and the direction of this precious metal depends heavily on the consumer price index (CPI) report and the interest rate decision of the US Federal Reserve (Fed). ) and a speech from the head of the world's most powerful central bank.
Last week, the market witnessed a strong sell-off when receiving two unfavorable information. Gold lost up to 80 USD during the day, recording the strongest intraday decline in 4 years. Specifically, the price reversed when the latest report showed that the People's Bank of China did not add gold last month, cutting off this central bank's 18-month gold buying streak. The report raises concerns that gold demand will slow down in the near future.
While the market is gradually stabilizing, expectations that the Fed will raise interest rates in September are gradually fading after the US Department of Labor's employment report dealt another strong blow to the market.
The Fed started the fight against inflation from March 2022 with interest rate increases. In this way, the US Central Bank wants to slow down economic growth and reduce inflationary pressure, with the goal of bringing inflation down to 2%. Recent inflation reports show that inflation is currently at 2.7%.
Today's trading strategy, increasing trendAbout 6 o'clock on June 7, today's gold price of the world traded at 2,376 USD/ounce, an increase of 21 USD from the same price as the previous day was 2,355 USD/ounce.
World gold price fluctuated in the context of the European Central Bank (ECB) for the first time since 2019, down 0.25 points of interest rate.
This move makes the market raise expectations that the United States will continue the ECB to loosen monetary policy, in the direction of reducing interest rates in the near future. At that time, the dollar will drop compared to many other foreign currencies. World gold price can increase further in the future.
So at this time, investors increased their purchasing power. Today's gold price increases tens of dollars/ounce is understandable.
Gold constantly increases when the trend is brokenThe world gold price continued to increase with spot gold increased by 20.4 USD to 2,376 USD/ounce. Future gold traded at 2,395.1 USD/ounce, up 19.6 USD compared to the dawn.
The price of gold continues to increase and reach the highest level in 2 weeks when the US bond yield falls after the latest labor report. The published data shows that the "cooling down" of the US labor market has strengthened the possibility that the US Federal Reserve (Fed) will cut interest rates in September. Currently, investors are still hot. Waiting for non -agricultural payroll data of the US to be more sure about this expectation.
The number of important non -agricultural jobs is forecast to increase by 178,000 compared to the April report with an increase of 175,000 jobs. Reporting the private sector in May of ADP published in the middle of this week has shown that the US labor market is gradually cooling down.
According to the market analyst Carlo Alberto de Casa of Kinesis Money, precious metals are supported by the expectation of the recession of the world's leading economy and the peaceful US Bank in the next few months. .
Strong increase again, today's trading trendGold prices fluctuated today amid weaker-than-expected US employment data. Since then, the market has speculated that the country's economic growth will slow down. Investors strengthen expectations that the US Federal Reserve (FED) will cut interest rates by the end of 2024.
Accordingly, US bond interest rates dropped to 4.2%, meaning the value of bonds decreased. Investors put capital into bonds to generate profits. As a result, very little money flows into precious metals. Gold price today has upward momentum.
The World Gold Council said that in April 2024, central banks around the world bought a net 33 tons of gold. This signals that many countries continue to increase their gold reserves to "save for a rainy day".
With the above information, speculators may think the gold market will heat up. From there, they increase their purchasing power. Today's gold price in the world increased by 28 USD, from 2,327 USD/ounce to 2,355 USD/ounce at 6:00 a.m. on June 6.
Gold trading strategy today, continuing the upward momentumWorld gold prices increased sharply with spot gold increasing by 29.3 USD to 2,355.6 USD/ounce. Gold futures last traded at $2,375.20 an ounce, up $27.80 from the bright spot.
World gold prices edged higher midweek, supported by a weakening USD and falling Treasury yields after the latest data showed the labor market cooling.
According to ADP's report, private companies created an additional 152,000 jobs in May, much lower than the number recorded last month and experts' forecasts. This is the lowest monthly number unchanged since the bad month.
RJO Futures senior market strategist Bob Haberkorn said the weak labor numbers act as a catalyst that could force the Federal Reserve to cut back before the end of the year. This has increased the appeal of gold. Lower performance reduces the opportunity cost of holding gold.
According to the CME FedWatch tool, traders saw a roughly 67% chance that the Fed will deliver monetary policy in September, up from less than 50% last week.
Analysts say that important upcoming US economic reports, including data on the health of the service sector and non-farm payrolls reports, are likely to influence the direction of printed gold prices. short.
Gold is in a downtrend, entry sell todayGold prices in the international market increased sharply amid weak US economic data. Specifically, the purchasing managers index (PMI) in the manufacturing sector decreased from 49.2 points to 48.7 points. This has reinforced market expectations that the US Federal Reserve will cut interest rates by the end of 2024.
In response to the above information, financial investors sold off USD, causing the currency to fall to its lowest level in the past 3 weeks. USD Index dropped to 104 points. Gold price today has momentum to go up.
On the other hand, US bond yields fell to 4.4%, meaning the value of bonds went down. Accordingly, investors sell bonds and shift capital to precious metals. Today's world gold price increases by tens of USD/ounce is inevitable.
Sideway gold, selling strategy todayWorld gold prices increased with spot gold increasing by 21.5 USD to 2,350.5 USD/ounce. Gold futures last traded at 2.3716 USD/ounce, up 25.6 USD compared to yesterday morning.
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 that raised the possibility that the US Federal Reserve (Fed) will cut interest rates this year pushed the dollar to a three-week low and benchmark US Treasury yields fell. dropped to its lowest level in 2 weeks.
According to High Ridge Futures Chief Investment and Alternative Trading Officer David Meger, the positive trend in gold comes from strong expectations that interest rates will be cut at some point later this year.
Accordingly, the latest economic data makes investors believe that interest rate cuts will soon be implemented. Late last week, data released showed US inflation stabilizing in April. This has increased bets on an interest rate cut in September. Traders are currently pricing in around 56%. The possibility of cutting interest rates in September, increased sharply compared to before the report.
Today's trading trend, entry buyLast week, world gold prices fell due to continued pressure from strong economic data and "tough" stances from US Federal Reserve (FED) officials.
According to experts, this week's gold price will have many fluctuations when the market receives a lot of important information such as the purchasing management index report in the manufacturing and service sectors, the number of applications for unemployment benefits and May non-farm payrolls. Besides, the Central Banks' decision on interest rates this week will likely cause the market to recalculate the timing of the FED's interest rate easing.
Marc Chandler, CEO at Bannockburn Global Forex, said that this week the European Central Bank (ECB) and the Bank of Canada are likely to cut interest rates. "Gold prices seem ready to go higher and the move above 2,372 USD/ounce is an indicator of precious metal prices conquering the 2,400 USD mark again," said Mr. Marc Chandler.
Sean Lusk, co-head of commercial hedging at Walsh Trading, said that short-term interest rates may have peaked, putting pressure on the USD and possibly causing gold prices to rise again.
According to Kitco News, this week, the majority of experts and retail investors expressed optimism about the short-term prospects of precious metals, with only a few of them keeping a neutral or bearish stance.
Specifically, 6 Wall Street experts (equivalent to 60%) think that gold prices will increase higher this week. 2 analysts (20%,) predict the price will decrease and the remaining 2 investors think the precious metal will move sideways in the short term.
Strategy at the beginning of the week, gold increased slightlyWorld gold prices tend to increase with spot gold increasing by 2.3 USD compared to last week's closing level to 2,329 USD/ounce.
World gold prices this week are forecast to have a lot of fluctuations when the market receives a lot of important information, including the purchasing management index report in the manufacturing and service sectors, and the number of applications reported. unemployment benefits and non-farm payrolls report for May. In addition, investors will also closely monitor developments and interest rate decisions of the Bank of Canada and the European Central Bank. Central banks' decisions this week may cause the market to recalculate the timing and scale of interest rate easing by the US Federal Reserve (Fed).
Recently, in the context of economic instability, persistent inflation combined with geopolitical tensions and rising interest rates, gold prices have had a notable surge. At the end of May, this precious metal broke the record level reached in mid-April exceeding the mark of 2,400 USD/ounce. However, the price of this precious metal has turned down due to strong economic data combined with "hawkish" statements from Fed officials.
A recent article on CBSnews gave reasons why investors should buy gold when prices fall. According to the article, June is the right time to buy gold. Accordingly, after conquering the all-time high of 2,439.9 USD/ounce, gold has dropped more than 100 USD. The sharp decline in prices provides favorable opportunities for those who want to buy gold at a relatively lower price. Besides, short-term fluctuations in gold are difficult to predict. Therefore, it is unlikely that current price levels will last as gold prices could recover or even surpass previous record highs within days or weeks. Therefore, the advice is that investors should not miss the opportunity to buy gold at lower prices.
Gold price continues to decrease, strategy to sell todayWorld gold prices remained stable this morning as traders focused on the Personal Consumption Expenditures Price Index (PCE) report, the FED's preferred inflation measure, expected to be released this evening. can provide a more specific view on the timing and extent of interest rate cuts by the FED this year.
According to financial and securities market analysis site MarketWatch, inflation will increase by 2.7% over the same period last year. If this forecast is correct, it means that April inflation remained unchanged compared to March, that is, this inflation level is still much higher than the FED's 2% target.
A weaker dollar, lower yields and the recent stock market sell-off have provided bullish momentum for gold, said Kitco senior analyst Jim Wyckoff.
Regarding the outlook for precious metal prices, experts say that, along with central banks continuously adding gold to their reserves, demand from Chinese investors will continue to increase in the near future. coming will bring solid support for gold.
Today's trading strategy, sell XAUUSDWorld gold prices increased slightly with spot gold increasing by 5.7 USD to 2,342.6 USD/ounce. Gold futures last traded at 2,364.5 USD/ounce, up 27.6 USD compared to yesterday morning.
Gold prices reversed to increase after the latest published data showed that economic growth in the US has slowed down from the beginning of the year until now. According to preliminary data on first quarter GDP released by the US Bureau of Economic Analysis on May 30 (US time), the US economy achieved growth of 1.3% in the first 3 months of the year, lower than the previous quarter. The previous forecast was 1.6% and down from 3.4% reported in the fourth quarter of 2023. Both the dollar and Treasury yields fell on expectations the US Federal Reserve (Fed) will cut interest rates this year increased after the report.
ActivTrades senior analyst Ricardo Evangelista said that recently, traders' views have increasingly favored the scenario that the Fed will keep interest rates higher for longer, increasing the opportunity cost of holdings of the yellow metal and creating strong price resistance.
However, this expert said that gold has benefited from strong safe-haven demand due to fears of geopolitical instability and economic instability, as well as large state purchases. He hopes that these factors will likely continue in the near future.
Continuing downtrend, entry sell todayAnalysts say world gold prices dropped after an official of the US Federal Reserve (FED) commented on monetary policy. This person believes that high US interest rates will be kept stable, or even increased if necessary.
Immediately, the currency market reacted. The USD increased in price compared to many other strong currencies, putting pressure on gold prices today.
In particular, US bond interest rates suddenly increased to 4.6%. That means the value of bonds declines. This has motivated investors to increase their bond purchasing power to earn profits. As a result, very little money flows into precious metals. A sharp decline in world gold prices is inevitable.
Trading strategy today, continue to sell lightly and wait to buyWorld gold prices turned down sharply with spot gold down 24 USD to 2,336.9 USD/ounce. Gold futures last traded at 2,336.9 USD/ounce, down 25.5 USD compared to yesterday morning.
The recovery of the USD, rising bond yields and "hawkish" comments from US Federal Reserve (Fed) officials have weighed on sentiment in the gold market, while investors wait. Look forward to the key inflation report later this week for more insight into the Fed's policy path.
A 0.4% rise in the dollar made gold more expensive for buyers holding other currencies, while US 10-year Treasury yields rose to a nearly one-month high, increasing opportunity costs. hold gold. This week, Minneapolis Fed President Neel Kashkari emphasized that the US Central Bank should wait for evidence that inflation is decreasing before cutting interest rates.
Although gold is under a lot of pressure due to interest rate expectations, commodity analysts at UBS say that the precious metal's upward momentum is far from over with forecasts of prices rising to $2,500/ounce. in September and reach 2,600 USD/ounce by the end of this year. Previously, this Swiss bank forecast levels of 2,400 USD and 2,500 USD/ounce. USB also forecasts that gold price will increase to 2,700 USD/ounce by June 2025.
Still believe in gold, short-term selling strategyWorld gold prices continued to increase with spot gold price at 10.2 USD increasing to 2,360.9 USD/ounce. Gold futures last traded at $2,362.40 an ounce, up $9.90 from the bright spot.
The world's yellow metal continues to gain modestly, fueled by the weakening of the USD, while investors are still eagerly awaiting US emission data later this week for more clarity. about interest rate cuts. The US Dollar Index fell 0.2% to its lowest in more than a week, becoming bullish faster than other currency holders.
TD Securities commodity strategist Bart Melek said that the monetary policy dreams of the US Federal Reserve (Fed) could very well create gold that cannot be closed and future forums are very negative. lots of data. However, this expert continues to maintain his optimism about gold.
The focus this week will be on the core US personal consumption expenditures index (PCE), the Fed's desired product quantity measure, which will be released on Friday.
Considered a hedging tool, gold benefited after minutes from the Fed's latest meeting last week showed that the US Central Bank did not discuss maintaining high interest rates for a longer period but also talking about the possibility of increasing interest rates in the context of finding that it is still "tough" and there is still a difficult path to achieving the 2% target. Traders are assessing the possibility of a rate cut of around 63% in November.
Gold trading strategy today, short-term sell entryWorld gold prices today (May 29) increased in the context of a weakening USD, while investors are still waiting for US inflation data later this week to judge when the Fed will cut interest rates. .
The US Dollar Index fell 0.1% to its lowest in more than a week, making gold cheaper for holders of other currencies.
Investors will monitor the US core personal consumption expenditures (PCE) price index published on Friday (May 31). This index is considered the main inflation measure of the US Federal Reserve (Fed).
Military conflicts taking place in the Middle East and the Russia-Ukraine war are continuing to cause geopolitical instability, reinforcing gold's appeal as a safe-haven asset.
Bob Yawger of Mizuho Bank said that according to some sources, a member of the Egyptian security agency was killed in a firefight with Israeli forces.
Additionally, central banks around the world have steadily increased their gold holdings over the past two years, with China's central bank being one of the most active buyers.
Gold trading strategy today, uptrendToday's gold price is trading at 2,352 USD/ounce, a sharp increase of 18 USD compared to the previous day's opening price of 2,334 USD/ounce.
World gold prices fluctuated in the context of data from the Commodity Futures Trading Commission (CFTC - US) showing that gold investment funds increased their buying positions by 194,000 contracts.
This information can make many investors expect the gold market to heat up. Therefore, they took advantage of putting capital into this precious metal. Gold price today has upward momentum.
On the other hand, the world geopolitical situation becomes more complicated as the military conflict between Israel and Hamas forces becomes increasingly tense. Since then, many financial institutions have increased their need to shelter capital in gold. Today's increase in gold prices in the world is understandable.
Optimistic about Gold, increased then decreased againWorld gold prices increased with spot gold increasing by 15 USD to 2,350.7 USD/ounce. Gold futures last traded at 2,352.5 USD/ounce, up 18 USD compared to yesterday morning.
World yellow metal prices increased slightly at the beginning of the week as investors expected an important inflation report released this weekend that would change the US Federal Reserve's (Fed) view on cutting cuts. interest rates.
Recently, the Fed's positive interest rate stance has caused great pressure on the precious metals market. According to UBS analyst Giovanni Staunovo, gold has suffered from more hawkish comments from Fed officials and better-than-expected US economic data. Bullion has lost $100 since the precious metal hit a record high of $2,449.89 an ounce last week.
According to the latest Fed meeting minutes, US Central Bank officials indicated that it may take longer than expected to bring inflation down to 2%.
According to FXTM market analyst Lukman Otunuga, in the current environment, the gold market will be sensitive to inflation data. Accordingly, if the report shows downward price pressure, it may arouse hopes of cutting interest rates by the Fed and boost gold prices. On the contrary, if PCE is higher than market forecasts, it will deal another blow to expectations of Fed interest rate cuts and cause gold prices to fall even deeper. This expert said that the downward momentum could bring the price to the support level of 2,300 USD/ounce or lower.
Trading strategy today, downtrendKitco News' latest gold survey shows more than three-quarters of industry experts believe gold prices have stabilized or will fall next week. Meanwhile, half of retail traders polled still believe the precious metal could move higher in the coming days.
ActivTrades senior analyst Ricardo Evangelista said that information in the Fed's meeting minutes has caused traders to push back the expected interest rate cut from September to November. This change has helped push Treasury yields and the USD higher and put pressure on precious metals.
Market strategist Colin Cieszynski of SIA Wealth Management is neutral on gold this week. He said that the gold market will be quiet this week without important events.
Reports released this week include: Consumer confidence report, preliminary report on GDP in the first quarter of the US, weekly unemployment benefit applications, pending home sales, Personal consumption expenditure reports along with personal income reports in the US
Gold is expected to be quiet this week, entry sell todayWorld gold prices tend to increase with spot gold increasing by 2.4 USD compared to last week's closing level to 2,335.7 USD/ounce.
Last week, world gold prices continuously "plunged" after breaking all the records conquered in April. Kitco News's latest weekly gold survey results showed that more than three-quarters of experts believe gold prices are stable or will fall in the near term, while half of retail traders still believe the precious metal could move higher in the coming days.
Looking at gold's fluctuations last week, senior market analyst Darin Newsom of Barchart.com said that gold is likely to decline this week.
Sharing the same view, Bannockburn Global Forex CEO Marc Chandler also sees further downside risks for gold in the near future. According to Chandler, the reason gold set a record high early last week at 2,450 USD/ounce was because the market reacted to information related to the accident that claimed the life of the President of Iran. However, the strength of the USD caused gold to be sold off and plummet to nearly 2,300 USD/ounce.
Besides, the decrease in demand for gold from Chinese investors is also a disadvantage for this precious metal. Chandler forecasts that gold's initial resistance this week is at $2,375/ounce. Support is in the range of $2,275 to $2,300 per ounce.
Market strategist Colin Cieszynski of SIA Wealth Management is neutral on gold this week. He said that the gold market will be quiet this week without important events.
After the news, PMI continued to decrease and increase slightlyWorld gold prices continued to decline sharply with spot gold down 48.6 USD to 2,329.4 USD/ounce. Gold futures last traded at 2,330.1 USD/ounce, down 52 USD compared to yesterday morning.
The world gold market continues to be under pressure to take profits and gold prices fall to the lowest level in a week, extending the decline for the third consecutive session, as investors become increasingly concerned about the timing of interest rate cuts. of America and the strength of American business.
According to the latest report, US business activity in May accelerated to the highest level in more than 2 years, showing that economic growth recovered in the second quarter. After the report, the USD recovered strongly, offsetting intraday losses. This has reduced the attractiveness of precious metals to buyers holding other currencies.
TD Securities commodity strategist Daniel Ghali said that although the greenback's recovery and the weakening interest rate outlook have triggered a sell-off in the gold market, the correction will be relatively shallow. According to him, gold is adjusting to the view that the US Federal Reserve (Fed) will maintain high interest rates for a longer period of time, while at this meeting, the Fed mentioned the possibility of raising interest rates if inflation occurs. "persistent" development.
Today's trading trends, buy gold strategyAt the beginning of the trading session on May 23 (US time), world gold prices were under strong selling pressure due to tough sentiment in the minutes of the May monetary policy meeting just announced. The minutes show that US Federal Reserve (Fed) officials are increasingly concerned about inflation.
The gold market is being greatly affected by the Fed's policy stance on the length of time it takes to cut interest rates. Experts say that US inflation reports are still not as expected. Thereby, the timing of the Fed's interest rate cut is unclear.
Experts from the World Gold Council predict that despite the Fed's tough arguments on monetary policy in recent times, gold will still maintain its upward momentum in the coming time.
Wall Street analysts said that it will take the market longer than expected for the Fed to determine for sure whether inflation has really decreased or not. Therefore, gold will remain stuck in monetary policy for quite a long time.
