Yesterday (June 2) the gold price fluctuated during the US economic data announcement. The non-farm payroll employment in the United States came out better than expected at 4,800K from the forecast of 3,000K, as well as the unemployment rate which came in at 11.1% from the forecast number 12.3%. However, the number of unemployed was higher than predicted and the hourly income came out lower than expected. Overall, the economic numbers still confirm that the economic recovery continues. The stock market has rebounded strongly this week and the 10-year US Treasury yield had its best week in four, closing at 0.669.
Although the overall economic recovery may have reduced the safe haven demand for Gold however, the background remains one of a risk of the coronavirus outbreak extending, and supportive of Gold prices.
For today, H1 sees the price rising to the high zone of last week around 1779 before narrowing down to swing narrowly above the EMA 50 line, which, if broken down, will find the next support at 1759, in line with MACD. That would move the signal line down, however, if the price rises, there will be the first resistance at the previous high of 1779 and the next resistance at this week’s high at 1789.
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Market Analyst – HF Educational Office – Thailand
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