Gold Analysis Forecast For 9 June 2015

Gold Fundamental Analysis Forecast For 9 June 2015

Gold continued to decline as traders moved to the end of the week. Gold is trading at 1171.30 down $3.90 on Friday alone. Silver dipped to 16.055 and platinum eased to 1096.10. Platinum fell below the 1100 price level.  Gold fell to its lowest level in nearly three months after stronger-than-expected U.S. employment data reanimated speculation that the Federal Reserve would soon raise interest rates.

Prices settled at the lowest for a most-active contract since March 18. For the week, prices were down about 1.8%.

The Commerce Department said the U.S. economy added 280,000 new jobs in May, the biggest jump since the end of 2014 and well above the consensus forecast of 210,000 produced by a MarketWatch survey of economists.

Global bonds and stocks swung wildly this week, after European Central Bank President Mario Draghi signaled that volatility is here to stay, the IMF cut its forecasts for U.S. economic growth, and uncertainty over Greece’s debt burden continued.

The first rate hike in nearly a decade is seen as a negative for gold, which can struggle as monetary policy tightens and Treasury yields rise.

Uncertainty over Greece remains a factor in the market. Greece on Thursday said it would opt to bundle a series of weekly June payments to the International Monetary Fund into a single payment at the end of the month.

Gold Technical Analysis Forecast For 9 June 2015

gold analysis forecast 9 june

After positive NFp data from US, GOLD fell down below 1225 – 1170 band with a highly strong bearish pressure and continued till 1162.50. Currently it is moving below 1173.74 which is important for today. Also 1185.60 is the strongest resistance for buyers so below 1185.60, bears would have the control. If so, 1154 would be the first target for sellers.

For the short term, intraday strategies should be trading between 1162 and 1170 carefully. Hourly closings above and below these levels will lead us to the right direction for gold. Also do not forget using Stop Loss in your trades.

Gold Support And Resistance Levels For 9 June 2015

Pivot : 1185.60

Support: 1168.75-1162.50-1154.00

Resistance : 1178.60-1185.60-1196.00

Major Economic Events for the week that you should be monitoring:

Cur. Event Actual Forecast Previous
Monday, June 8, 2015
Holiday Australia – Queen’s Birthday
  CNY Trade Balance (May) 44.95B 34.13B
Tuesday, June 9, 2015
  CNY CPI (YoY) (May) 1.3% 1.5%
Wednesday, June 10, 2015
  GBP Manufacturing Production 0.1% 0.4%
  NZD Interest Rate Decision 3.50% 3.50%
Thursday, June 11, 2015
  AUD Employment Change (May) 11.0K -2.9K
  CNY Industrial Production (YoY) 6.0% 5.9%
  USD Core Retail Sales (MoM) 0.7% 0.1%
  USD Retail Sales (MoM) (May) 1.1%
Friday, June 12, 2015
Holiday Russia – Russia Day
  USD PPI (MoM) (May) 0.4% -0.4%

Upcoming Government Bond Auctions

Date Time Country 

Jun 08 12:00 Norway Details bond auction on 10 Jun

Jun 08 17:30 Italy Announces details of BTP/CCTeu on 11 June

Jun 09 11:10 Austria Holds RAGB bond sale

Jun 09 11:30 UK Auctions 0.125% 2024 I/L Gilt

Jun 10 11:15 Norway Holds bond auction

Jun 10 11:30 Germany Eur 5bn Jun 2017 Schatz

Jun 10 16:30 Sweden Details bond auction on 17 June

Jun 11 11:30 Spain Auctions Bonos

Jun 11 11:10 Italy Auctions BTPs/CCTeus

Jun 11 11:10 Sweden Holds inflation-linked bond auction

Jun 11 11:30 UK Auctions 3.5% 2045 Conventional Gilt

Jun 11 17:00 US Announces details of 30-year TIPs sale on 18 Jun

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