- Gold prices managed to earn earnings in the fourth week in a row.
- According to popular analyst Eren Şengezer, XAU/USD receivers continue to defend the critical $ 1,900 level.
- Sensitivity surveys reveal a declining tendency in the gold market.
Gold prices closed the fourth week in a positive area in a row in a row
Kriptokoin.comAs we have reported before, the XAU/USD parity was forced to find direction at the beginning of the week due to the lack of high -level macroeconomic data broadcasts and important basic driving forces. However, the parity regained its power on Tuesday and launched a technical rally after a break of over $ 1,900.
Gold prices have managed to maintain the acceleration of the rise on Wednesday, but after the beginning of January, the highest level of testing at $ 1,912 reversed its direction. The parity, supported by the weekend streams on Friday, was fixed around $ 1,900 and closed the fourth week in a positive area.
What happened in the gold market last week?
Due to the lack of record -valued data broadcasts on Monday, market participants paid great attention to Fedspeak. Federal Reserve President Lael Brainard reiterated that the FED had vehicles that will withdraw inflation if the Fed moves on the target. St. Louis Fed President James Bullard told Yahoo Finance about his policy view, “A time when we can talk more about changing monetary policy, but still not when we are in a pandema.” In addition, Kansas City FED President Esther George called on policy makers not to ignore the higher risk of inflation. These comments could not trigger a consistent market reaction, and gold prices fluctuated in a relatively narrow range.
On Tuesday, Wall Street’s main indices were opened with a sharp rise and the S&P 500 index rose by approximately 1 %and caused the US Treasury bond returns to decrease. With the decrease of 10 -year US bond return by 2.7 %on a daily basis, gold gained power. In addition, the technical purchase pressure increased after the price exceeded $ 1,900, and gold prices have reached its highest level since January 8 with $ 1,912 at European transaction hours on Wednesday. However, later on the day of the day, the modest recovery seen in the US T-Tahvil returns, forced XAU/USD to turn the price below $ 1,900. The US Economic Analysis Bureau (BEA) said on Thursday that it has not changed its annual gross domestic product (GDP) growth for the first quarter to 6.4 %in its second forecast.
Other data from the United States revealed that the first weekly unemployment applications fell to the lowest level of 406,000 to more than a year. According to a negative record, the US Census Office reported that durable goods orders fell 1.3 %in April compared to an increase of 0.7 %of analysts. These mixed figures were greatly ignored by market participants, and the 10-year US T-Tahvil returned to the recovery of the recovery of a negative day for the second day for XAU/USD. Finally, Bea said on Friday, the basic personal consumption expenditures (PCE) price index in March from 1.9 %to 3.1 %in April, he said.
What developments and dates are important for gold prices next week? Here are the details…
No macroeconomic data that may affect gold prices on Monday will be published and the US markets will be closed due to the commemoration day holiday. According to popular analyst Eren Şengezer, the Consumer Price Index (CPI) data from the Euro zone and the USA from the USA will be monitored for a new acceleration. According to the analyst, a soft inflation reading from the EU is likely to help USD perform better than its competitors. Because, according to the analyst, the European Central Bank does not think that a hawk is likely to think of a change in its policy when there is no price pressure.
According to the analyst on Wednesday, investors will look for new tips on the Fed’s Beige Book. If the publication points to increased input prices due to supply restrictions and ongoing labor demand problems, gold may fall between the rising US T-Tahvil returns and vice versa. On Thursday, the Private Sector Employment Report of the Automatic Data Processing (ADP) Research Institute will be included in the US economy report.
According to the analyst before the weekend, the US Office of Statistics will publish the highly anticipated May employment report. The consensus on the market indicates an increase in non -agricultural employment payrolls (NFP) 621,000. At the beginning of the month, April data showed that the NFP increased by 266,000, that analysts missed the 978,000 estimation with a wide difference and triggered a heavy USD sales. Similarly, a positive surprise can provide support for the dollar, while a disappointing data may allow XAU/USD to regain the rise acceleration.
Gold prices can see what levels next week! Analyst explains
According to popular analyst Eren Şengezer, the relative power index (RSI) indicator continues to fluctuate over 70 in the daily graph, which shows that gold is still in excessive intake. However, according to the analyst, recipients may be additional gains as long as they continue to defend $ 1,900. In addition, according to the analyst, the price continues to be traded on the rising line from March 31. According to the first resistance analyst, there are $ 1,930 (static level), $ 1,953 (the highest level) and $ 1,912 (the highest level).
According to Eren Şengezer, on the Flip side, $ 1,900 (psychological level), $ 1,870 (static level, rising line) is aligned as the first support. According to Eren Şengezer, a one -day closing below the second level can pull the sellers and cause gold to retreat to the 200 -day SMA, which is currently around $ 1,845.
Golden Sensitivity Survey: Raising with an average target of $ 1,909 next week is expected!
Looking at the Sensitivity Survey for Gold, an average target of $ 1,909 is expected to rise next week. However, the trend decreases in a one -month view, and most experts think that Gold will record a deep correction towards the end of the second quarter.
Economists: Pay attention to these developments and data for gold next week!
Economists announced the data that needs to be followed next week for gold prices. Non -agricultural employment data will be announced on Friday. The market consensus predicts that the US economy will add 700,000 jobs in May and the unemployment rate will decrease to 5.9 %. Ing’s international chief economist James Knightley said:
The US Employment Report is undoubtedly the most important point of the next week after 266,000 employment in April. Considering that there are very few problems with the demand, considering the polls showing that businesses such as powerful economic data and NFIbs have difficulty finding labor. Instead, the problem is supply, companies cannot fill empty positions.
According to the economists, the US economic calendar also includes the ISM manufacturing PMI on Tuesday, the ISM -manufactured PMI on Thursday and the factory orders on Friday.
