TECHNICAL ANALYSIS:
In chart D1, the upward trend remains evident. However, due to the growing economic and war situations, there is a significant chance that gold will continue to surge. There is still a likelihood of a trend reversal and a breakout from the uptrend when EMA 34 and EMA 89 start to turn and intersect. The RSI is still below average, indicating a precarious situation. Traders are advised to exercise caution before making any trades.
Market overview:
Gold prices rose by 1% on Thursday but retreated from five-day highs on Friday due to the strengthening of the US dollar, which recovered after the end-of-the-week flows and adjustments ahead of the upcoming US Consumer Price Index inflation data and the Federal Reserve policy announcements. Despite the Greenback bulls bouncing back on Friday, the US Dollar ended the week in the red for the second time in a row, which brought some comfort to Gold prices.
The US Dollar followed the minor rebound in the US Treasury bond yields across the curve, although United States government bond buyers remained in the game amid renewed economic concerns and heightened expectations of a Federal Reserve rate hike pause on Wednesday. Markets have predicted a 76% probability that the Fed will keep its Fed funds rate in the 5.00%-5.25% range when its two-day meeting ends on Wednesday. The recent series of downbeat economic data from the United States revived hopes of a halt to the Fed’s tightening cycle.
Early Monday, Gold prices remain vulnerable, with the US Dollar consolidating its upswing on Friday amid a cautiously optimistic market mood, as investors gear up for the key event risks of this week. The US CPI data will be released on Tuesday, with the market expecting the headline annual CPI figure to rise 4.2%
In chart D1, the upward trend remains evident. However, due to the growing economic and war situations, there is a significant chance that gold will continue to surge. There is still a likelihood of a trend reversal and a breakout from the uptrend when EMA 34 and EMA 89 start to turn and intersect. The RSI is still below average, indicating a precarious situation. Traders are advised to exercise caution before making any trades.
Market overview:
Gold prices rose by 1% on Thursday but retreated from five-day highs on Friday due to the strengthening of the US dollar, which recovered after the end-of-the-week flows and adjustments ahead of the upcoming US Consumer Price Index inflation data and the Federal Reserve policy announcements. Despite the Greenback bulls bouncing back on Friday, the US Dollar ended the week in the red for the second time in a row, which brought some comfort to Gold prices.
The US Dollar followed the minor rebound in the US Treasury bond yields across the curve, although United States government bond buyers remained in the game amid renewed economic concerns and heightened expectations of a Federal Reserve rate hike pause on Wednesday. Markets have predicted a 76% probability that the Fed will keep its Fed funds rate in the 5.00%-5.25% range when its two-day meeting ends on Wednesday. The recent series of downbeat economic data from the United States revived hopes of a halt to the Fed’s tightening cycle.
Early Monday, Gold prices remain vulnerable, with the US Dollar consolidating its upswing on Friday amid a cautiously optimistic market mood, as investors gear up for the key event risks of this week. The US CPI data will be released on Tuesday, with the market expecting the headline annual CPI figure to rise 4.2%
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🟢Goldman Sachs slashes oil price forecast by nearly 10% as Russian supply recovers.
Comment:
🟢 Today, there are no important economic data, so the movements in the markets will be according to the political and economic news that will be issued.
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Bank of England member: We can't rule out further interest rate increases
Through an article published by The Scotsman magazine, Bank of England member Jonathan Haskell confirmed today, Monday; That inflation is still very high in the UK, and this prompted him to insist on the need for more increases in interest rates in the future.
He expressed his point of view, saying; It is important for the Bank of England to continue to rely on inflationary momentum risks, and therefore we cannot rule out further interest rate increases.
The statements of the policy maker at the Bank of England Haskell; Ahead of the Bank of England's upcoming interest rate decision, as the Monetary Policy Committee meeting is scheduled for June 22, the Bank of England has raised interest rates to 4.50% now, the highest level in 15 years.
It is worth noting that a member of the Bank of England, Katherine Mann, recently stated that the gap between headline inflation and general inflation within the United Kingdom has become more stable and entrenched than it is in both the United States and the euro area, which may push the Bank of England to continue to tighten its monetary policy, to curb rein in inflation.
Through an article published by The Scotsman magazine, Bank of England member Jonathan Haskell confirmed today, Monday; That inflation is still very high in the UK, and this prompted him to insist on the need for more increases in interest rates in the future.
He expressed his point of view, saying; It is important for the Bank of England to continue to rely on inflationary momentum risks, and therefore we cannot rule out further interest rate increases.
The statements of the policy maker at the Bank of England Haskell; Ahead of the Bank of England's upcoming interest rate decision, as the Monetary Policy Committee meeting is scheduled for June 22, the Bank of England has raised interest rates to 4.50% now, the highest level in 15 years.
It is worth noting that a member of the Bank of England, Katherine Mann, recently stated that the gap between headline inflation and general inflation within the United Kingdom has become more stable and entrenched than it is in both the United States and the euro area, which may push the Bank of England to continue to tighten its monetary policy, to curb rein in inflation.
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🟢 Donald Trump is preparing to appear in court tomorrow to answer 37 criminal charges, and a conviction could lead to up to 30 years in prison.
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Fed survey: Consumers expect inflation and unemployment to decline and credit conditions to tighten.
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David Soloman, head of Goldman Sachs, expects capital market activity to recover, but believes that inflation will remain a difficult problem for small banks..
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The S&P 500 and the Nasdaq rallied on Monday to their highest closing levels since April 2022 as investors awaited inflation data and the Federal Reserve's interest rate decision this week.
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Economist Jeremy Siegel said that the recent upward movement in the stock market is not a guarantee that the market is far from downside risk.
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FED'S WALLER: Relying on forward guidance means that the policy lag is not the same as that used to be for the terms to be tighter.
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