📕 Comment on Gold on June 3, 2022:

 

📕 Comment on Gold on June 3, 2022:

 - In yesterday's session, precious metal Gold went right with the analysis trend when it bounced up from 1844 to 1870 ($26) and closed the day session with a bullish candle around 1868. The strength of the tree.  Yesterday's candle was the strongest in the past 9 sessions.  Therefore, in my opinion, the possibility of Gold will continue to increase in today's session.

 - Switch to the H4 time frame, the nearest support area for this precious metal is around 1863-1867.  Here we can refer to buying with a safe target below 1874 and above 1880.

GBP/USD consolidates in mid-1.2500 amid holiday thinned trade pre-US jobs data

GBP/USD is trading subdued above 1.2550 amid holiday-thinned trade head of the release of key US jobs data.

Evidence of cooling of US wage pressures could hit the buck and help GBP/USD challenge weekly highs.

But the differential between US/UK growth and Fed/BoE tightening expectations makes a longer-lasting rebound more difficult.

With FX markets in wait-and-see mode ahead of the release of official US labour market data for the month of May at 1230GMT and with volumes further hampered amid a second day of market closures in the UK (London being the world’s top FX trading hotspot) as celebrations for the Queen’s platinum jubilee continue, GBP/USD is trading in subdued fashion and flat on the day just above the 1.2550 level.

That leaves the pair about equidistant between earlier weekly highs in the mid-1.2600s and Wednesday’s lows in the mid-1.2400s, as well as equidistant between the 21-Day Moving Average to the downside near 1.2450 and the 50DMA to the upside just above 1.2700. FX market volatility is expected to pick up if there is a significant deviation from expectations in the upcoming US jobs data release.

Analysts have highlighted wage growth metrics as the most important for traders to watch, given the ongoing debate about the state of inflation in the US (has it peaked yet?) and associated discussion about the outlook for the Fed policy outlook. Fed Vice Chair Lael Brainard set a high bar on Thursday for a pause in rate hikes in September following two 50 bps moves in June and July, though a slowdown to 25 bps moves is likely is the Fed does deem inflationary pressures to have eased.

In that regard, any evidence of easing wage pressures (which often then lead to inflation) could see the US dollar weaken and GBP/USD challenge weekly highs once again. But amid the relatively more optimistic story regarding US growth versus UK, and continued expectations for the Fed to be far more hawkish than the BoE in the quarters ahead, the outlook for a sustained GBP/USD rebound, say back into the 1.2800 area of above, doesn’t look great for now.

US ISM Services PMI survey data for May is slated for release at 1400GMT (after the jobs data at 1230GMT) and should highlight robust continued growth in the dominant US service sector. Fed speak will then be back in focus from 1430GMT with more remarks from Brainard.

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Dow Futures Up 160 Pts; Jobless Claims in Focus

U.S. stocks are seen posting modest gains later Thursday, with investors focusing their attention on reports on initial jobless claims and private sector hiring ahead of Friday’s government nonfarm payrolls report for May.

At 6:50 AM ET (1050 GMT), the Dow futures contract was up 162 points, or 0.5%, S&P 500 futures gained 0.4% while Nasdaq 100 futures rose 81 points, or 0.6%.

The gains came after Wall Street's three major indexes closed lower on Wednesday amid concerns that the Federal Reserve will stick to its aggressive rate hike cycle aimed at curbing soaring inflation.

The Dow ended down 176.89 points, or 0.5%, on Wednesday. The S&P 500 was off around 0.8% and the Nasdaq Composite slid 0.7%.

The Labor Department is to publish its weekly report on initial jobless claims at 8:30 AM ET. ADP will release data on private sector hiring at 8:15 AM ET.

The employment data is coming ahead of Friday’s nonfarm payrolls report for May with economists expecting the economy to have added 325,000 jobs last month. While still solid, it would represent the slowest jobs growth in around a year with the labor market transitioning to more moderate growth as the effects of the pandemic ebb.

Data on Wednesday showed that U.S. job openings fell in April, but remained at high levels, suggesting that wages would continue to rise, contributing to already high inflation.

Investors are closely watching economic data for clues as to what it might mean for interest rates and Friday’s employment report could set the tone for markets this month after a tumultuous month of May.

In corporate news, shares in online pet product retailer Chewy (NYSE:CHWY) surged around 17% ahead of the open after its quarterly earnings results late Wednesday came in ahead of expectations.

Shares in Hewlett Packard Enterprise (NYSE:HPE) were lower after it reported slight misses in both earnings and revenue, after the bell on Wednesday.

Meta Platforms (NASDAQ:FB) stock was also in focus after Chief Operating Officer Sheryl Sandberg announced in a Facebook post late Wednesday that she is leaving the company after 14 years.

The announcement initially sent Meta's shares down 4%, but the stock erased the losses in after-hours trade.

Earnings from big tech names Crowdstrike Holdings (NASDAQ:CRWD) and Asana (NYSE:ASAN) are due after the close, along with results from retailers Lululemon Athletica (NASDAQ:LULU), Designer Brands (NYSE:DBI) and RH (NYSE:RH).

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📕 Comment on Gold on June 2, 2022:

 📕 Comment on Gold on June 2, 2022:

 - After the strong declines of the first 2 weeks of May, 2 weeks later, the precious metal Gold regained nearly half of the decline of the beginning of the month.  Closing the session in May Gold still closed with a bearish candle but retreated quite a lot and closed around 1836 (this is a strong support area) so my view in the first trading sessions of June  In this case, it is likely that Gold will still be prioritized for the uptrend.

 -In yesterday's trading session, after gold fell to 1828, it immediately bounced back to 1849. Closing the day session with a bullish candle right after the previous day ended with a falling tree.  My personal opinion in today's trading session is still prioritizing the option to increase.  The nearest support price zone for precious metal Gold 1835-1840.  If Gold has any slight correction here, we can establish a buy position with target 1855.-1860.