GOLD Analysis Forecast For 28 May 2015

GOLD Analysis and Recommendations For 28 May 2015

Gold recovered $1 to trade at 1188.80 as traders seem disinterested in the metals today. Gold dipped on Tuesday over $17 as strong data helped increase the dollar and the chances of an interest rate by the Fed. Friday Janet Yellen more or less gave a roadmap of increases supported by other Fed speaker this week. Silver eased a few points to 16.737 and Platinum gained $5.10 after taking a significant fall on Tuesday.
Gold futures finished lower on Tuesday, with upbeat U.S. data on new-home sales and consumer confidence helping to further strengthen the dollar and push prices for the metal to their lowest settlement in just over two weeks.

The day’s mostly upbeat economic data provided support for the dollar which helped to dull investment demand for gold. Commodities priced in dollars often trade inversely with the dollar, as moves in the U.S. unit can influence the attractiveness of those commodities to holders of other currencies.

Gold had edged higher in morning trading after the dollar fell against a basket of other currencies on speculation that the strong data would indicate a stronger economy pushing forward the monetary tightening sometime in the next few months. Gold for immediate delivery ended mostly flat at the end of trading after trading modestly higher before the inflation data.

gold forecast 28 may

In the first day of this week, we have seen some waves in precious metals. Negative data from US limited GOLD’s fall for a while and after US markets open, rised some till 1204. After than fell below this level and tested 1187 again. So for a short time, 1183.50 – 1202.90 band should be monitored. Between these levels, there may be a couple of buy and sell opportunities. Breaking below 1183.50 would trigger testing 1170. Traders should be careful around this levels.

Pivot : 1202.90

Support: 1183.50-1178.80-1174.00

Resistance: 1190.90-1196.80-1202.90

ForexTraq provides in-depth analysis for each currency and commodity we review. Fundamental analysis is provided in three components. We provide a detailed monthly analysis and forecast at the beginning of each month. Then we provide more up to the data analysis and information for Precious in our weekly reports.

Today’s economic releases actual vs. forecast:

Cur. Event Actual Forecast Previous
  JPY Monetary Policy Minutes        
  AUD RBA Assist Gov Lowe Speaks        
  AUD Construction Work Done -2.4% -1.5% -0.6%
  EUR GfK German Consumer Climate 10.2 10.0 10.1

Upcoming Economic Events that you should be monitoring in trading forex for GOLD :

Thursday, May 28, 2015

Cur. Event Actual Forecast Previous
  JPY Retail Sales (YoY) (Apr)   5.4% -9.7%  
  AUD Private New Capital   -2.4% -2.2%  
  USD FOMC Member Williams        
  EUR Spanish GDP (QoQ) (Q1)   0.9% 0.9%  
  GBP BBA Mortgage Approvals   39.2K 38.8K  
  GBP Business Investment (QoQ)   1.0% -0.9%  
  GBP GDP (YoY) (Q1)   2.5% 2.4%  
  RUB Central Bank reserves (USD)     362.3B  
  USD Initial Jobless Claims   270K 274K  
  CAD Current Account (Q1)   -18.5B -13.9B  
  CAD RMPI (MoM) (Apr)   1.6% -0.9%  
  USD Pending Home Sales (MoM)   0.9% 1.1%  
  USD Crude Oil Inventories     -2.674M

Government Bond Auctions

Date Time Country

May 27 09:15 Norway Holds bond auction

May 27 09:30 Germany Eur 2bn 2.5% Aug 2046 Bund

May 27 09:30 UK Auctions 0.125% 2058 I/L Gilt

May 27 16:00 US Auctions 2-year FRNs

May 27 17:00 US Auctions 5-year notes

May 28 09:10 Italy Auctions BTPs/CCTeus

May 28 09:10 Sweden Holds inflation-linked bond auction

May 28 17:00 US Auctions 7-year notes

Jun 02 11:30 UK Auctions 2% 2025 Conventional Gilt

Jun 03 11:03 Sweden Holds bond auction

Jun 03 11:30 Germany Eur 3bn Apr 2020

Jun 04 11:10 France Auctions OATs


Precious analysis forecast

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