GOLD 5/6 : Gold still has a lot of work to do ?
Gold ended the week at $1,947 while August 2023 gold futures traded on the Comex of the New York Mercantile Exchange dropped $31.2 to $1,964. Gold prices fell for two consecutive days on the back of a strong US dollar and steady bond yields, hitting daily lows near $1,945.
The DXY index rose slightly to around 104.12 as it maintained its recovery from the previous day's one-week low, with Asian trading sluggish on Monday. The release of US Nonfarm Payrolls (NFP) data is the only catalyst that can save the USD from further damage.
Commerzbank economists expect that if the May US labor market report is positive and exceeds expectations, the US dollar could appreciate. They also added that with steady job growth, they expect the USD to gradually increase.
The DXY index rose slightly to around 104.12 as it maintained its recovery from the previous day's one-week low, with Asian trading sluggish on Monday. The release of US Nonfarm Payrolls (NFP) data is the only catalyst that can save the USD from further damage.
Commerzbank economists expect that if the May US labor market report is positive and exceeds expectations, the US dollar could appreciate. They also added that with steady job growth, they expect the USD to gradually increase.
Trade active:
🟢Strategy active
Trade active:
The transaction is still going according to plan
✅Buy order in the $1,943-$1,940 price zone when the support zone is approached.
✖️Stoploss: $1,937.
✅Sell the $1,966-$1,963 range when the price hits the resistance area.
✖️Stoploss: $1,970.
AND ALWAYS REMEMBER WHAT YOU NEED TO DO IS MANAGE RISK. GOOD LUCK !!!