This week, we explore the gold market focusing on key economic events and potential trading recommendations.
Previous Week’s Forecast Recap
In last week's forecast, we highlighted the price opening level for gold, from which the price rose by 236 points.
Key Economic Events This Week
This week, several significant economic reports from the U.S. are scheduled that may impact gold prices.
**Wednesday, June 11: CPI Data**
* Core CPI m/m (0.3%) vs. forecast of 0.2%: unexpectedly high inflation could strengthen the USD and put pressure on gold. * CPI m/m (0.2% expected vs. 0.2% actual): likely neutral for gold. * CPI year-over-year (2.5% vs. 2.3% forecast): higher inflation may lead to a negative outlook for gold.
**Thursday, June 12: Jobs & PPI Data**
* Core PPI m/m (0.3% vs. -0.4%): strong PPI may revive interest-rate hike bets. * PPI m/m (0.2% expected vs. -0.5% before): a positive PPI raises inflation concerns. * Unemployment Claims (241K vs. projected 247K): a decreasing claims number suggests a strong job market.
**Friday, June 13: UoM Data**
* UoM Consumer Sentiment Prelim (52.5 vs. expectation of 52.2): positive sentiment may be bad for gold.
Gold Forecast for the Upcoming Week
Gold is currently showing a bullish trend on 4h and higher timeframes but displays bearish momentum on hourly and lower. A breakout above or below critical support may signal the next market direction for gold.
**Trading opportunities include:**
* The first selling opportunity lies at the fib retracement level between $3335 and $3344. * The second point of interest for selling is around $3357-$3369.
This week presents both buying and selling opportunities for gold, influenced by market dynamics and price trends.
