The Us Bureau of Labor Statistics will release monthly average hourly earnings, non-farm employment change (NFP), and unemployment rate on June 3, 15:30 MT time (GMT+3).
Gold fell below $1,700
Gold (XAU/USD) is declining for the second day in a row. The reason of such a dynamic is that risk-seeking investors have turned to stocks. It’s hard to ignore the surge of S&P 500, NASDAQ, and Dow Jones. More and more traders and investors want to take part in this rally, so they quit their gold longs and switch to indexes. US ADP employment report released today showed that the number of jobs in the US private sector declined in may less than expected. That has also contributed to the positive mood and reduced the appeal of the precious metal.
What does it mean for traders?
Traders can profit in indexes for sure, but don't forget that short positions in gold are also possible. The price is currently testing the 23.6% Fibonacci retracement level in the 1,690 area. The fix below this point will open the way down to $1,670 and $1,645.
At the same time, remember that gold is a safe haven. With various uncertainties that torment the world, the long-term trend for XAU/USD is bullish. As a result, every time the asset reaches support levels, it is necessary to look for the signals of bullish reversal.
Finally, the return above $1,700 (if the break to the downside turns out to be false), will allow bulls to try to push the price back up to $1,715 and $1,725.
Monitor the situation and be ready to profit!
The Organization of Petroleum Exporting Countries will hold a meeting on June 2.
This week started with the talk of the United States banning Russian oil exports, so XBR/USD saw $130 a barrel. Then the ban became reality. What does it really mean for the market?
This week may be the most important since the year started as the Fed assess the economic outlook and the US presents fresh NFP readings.
S&P Global, a private banking company, will release a monthly change in British Flash Manufacturing Purchasing Managers Index (PMI) on January 24, 11:30 GMT+2. The index is a leading indicator of economic health as businesses react quickly to market conditions, and purchasing managers hold the most current and relevant insight into the company's view of the economy.
The United States Bureau of Labor Statistics will publish the US Consumer Price Index (CPI) m/m on January 12 at 15:30 GMT+2. The index measures a change in the price of goods and services purchased by consumers.