GOLD (week of 31-04/06)

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Weekly Summary

Gold hovers around $1,894 .

A bearish end to the trading week, Gold failed to recover all the way to $1,906.8 after dipping down to $1,858.8. (Trade Gold with FXTM now).

On the flip side United States Crude Oil Inventories published yesterday at 3:00 PM came out at -5.08 million, falling short of the -2.44 million projections and continuing its decline from the previous -1.66 million figure.

Meanwhile, Released Tuesday, United States's Manufacturing PMI showed an uptick coming in at 62.1, up from the previous number of 61.5.

In the meantime negative performances are also seen in other symbols, USD/SGD fell to 1.3185, hitting a 3 months low. Dollar/Swiss hits a 3 months low, as it drops to 0.8947. At 0.7642, Aussie/Dollar is down to its lowest value in 6 weeks.

Positive performance however can be seen looking at other symbols as after 4 months hiatus, EUR/NZD is back at 1.701 levels. EUR/AUD hits 1.5851, highest rate in 4 months. Dollar/Yen hits 110.33, highest price in 2 months.

Jun. 4, 2021

Gold up $20.7, trading around $1,894

(23:24) GMT

Gold today at a glance – Gold rallied $20.7 (1.11%) deep into the session closing at $1,894. (Trade Gold with FXTM now).

This move comes while some more positive signs for Gold are out as United States Crude Oil Inventories published yesterday at 3:00 PM came out at -5.08 million, falling short of the -2.44 million projections and continuing its decline from the previous -1.66 million figure.

On the other hand, United States ISM Non-Manufacturing PMI (May) beats expectations of 63 with new data release of 64. This is also a step forward from the previous data of 62.7. Data for United States Initial Jobless Claims released yesterday at 12:30 PM comes out at 385,000, beating projections of 390,000 and showing improvement over the preceding figure of 405,000.

Visual analysis of the Gold's price graph shows Gold could be slowing down soon because its getting close and is now only $16.8 from resistance line at $1,911, yet crossing it might suggest further gains are ahead. In terms of trend indicators, we can see that at $1,894, Gold made an initial breakout above 10 day Simple Moving Average, an indication of a positive trend.

Overall, technical indicators suggest Gold has no obvious direction for the immediate future.

Gold shows positive signs, other assets are also on par: new 4 months high for EUR/AUD at 1.5847.

At the same time Dollar/Yen lost 69 pips (0.7%), making its largest single-day drop since November 2020.

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