Gold
Gold’s score remains the top bullish position on the EdgeFinder, but price is not moving this week. Equities markets are closed today in observance of the Juneteenth holiday, so volume might be low all around. There is also no news on the USD until Friday’s Flash PMI data report. Gold’s consolidation zone may be gearing to breakout, however. Any moves might not come until Friday, and a lower PMI would likely be bullish for the metal. If the metal breaks higher, it could run up to test the $2,387 level.
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Gold’s score remains the top bullish position on the EdgeFinder, but price is not moving this week. Equities markets are closed today in observance of the Juneteenth holiday, so volume might be low all around. There is also no news on the USD until Friday’s Flash PMI data report. Gold’s consolidation zone may be gearing to breakout, however. Any moves might not come until Friday, and a lower PMI would likely be bullish for the metal. If the metal breaks higher, it could run up to test the $2,387 level.
Data from the A1 EdgeFinder
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UK CPI came in today as expected. Compared to last month, inflation is lower. When comparing the inflation trends of US and UK, we can see a clear decline in inflation. In the US however, the trend is not present. Tomorrow's BoE bank rate vote is still expected to remain unchanged, but Bailey may mention the idea of rate cuts this year as they have a more certain path for inflationary decline.
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We would really appreciate it if you would join this server and report the messages where they are posting our content as well as report the user who is posting the content. The image I shared shows you how to report their messages. Feel free to spam in all chats that their server is a scam but know once you comment they will ban you!
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The pound is extremely weak against the Franc. GBPCHF is at a -10. CHF saw a rate cut this week which may suggest weakness in the currency. Meanwhile, Governor Bailey from BoE said that waiting to cut is the right move to make sure inflation stays where it is at.
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The decision to keep UK rates where they are could make the September cut in the US less official. This also suggests that the BoE is playing it safe while the Fed could be taking a huge risk of cutting in the fall. Now the pair is mixed and fraught with uncertainty.
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Which Will Happen First, Gold Comes Down To $2,300 or Gold Goes Up To $2,400🤔
Anonymous Poll
64%
Up to $2,400
36%
Down to $2,300
How the heck is gold going up on, while USD is ALSO going up?!?
Before you fall into the trap of just thinking markets are manipulated, here is the reason!
- Gold is going up because globally, central banks are beginning to cut interest rates. They're doing so because economies are slowing, and inflation is coming down. Today, we saw a surprise rate cut from the Swiss national bank, and implications that the bank of England will also be cutting soon. We've also seen the ECB and bank of Canada already cut rates. Globally, this loosening of monetary policy is very bullish for gold!
- Meanwhile, the USD is going up because of the Federal reserve's cautious and slow approach to cutting interest rates - since strong growth has led to persistent US inflation. So - while other banks are cutting rates, the fed is not. This divergence makes the dollar look strong relative to its peers.
Before you get frustrated and convince yourself that its all one big scam - do your homework! The dollar and gold CAN move in the same direction, and it makes total sense if you know your fundamentals.
Trade safe.
Nick
Before you fall into the trap of just thinking markets are manipulated, here is the reason!
- Gold is going up because globally, central banks are beginning to cut interest rates. They're doing so because economies are slowing, and inflation is coming down. Today, we saw a surprise rate cut from the Swiss national bank, and implications that the bank of England will also be cutting soon. We've also seen the ECB and bank of Canada already cut rates. Globally, this loosening of monetary policy is very bullish for gold!
- Meanwhile, the USD is going up because of the Federal reserve's cautious and slow approach to cutting interest rates - since strong growth has led to persistent US inflation. So - while other banks are cutting rates, the fed is not. This divergence makes the dollar look strong relative to its peers.
Before you get frustrated and convince yourself that its all one big scam - do your homework! The dollar and gold CAN move in the same direction, and it makes total sense if you know your fundamentals.
Trade safe.
Nick
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GBPUSD is now leaning bullish on COT sentiment and bearish on retail sentiment. Keeping rates the same now puts pressure on the Fed. The Fed may now consider keeping interest high until CPI does move where they want.
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