Macro Analysis for GOLD
Hello everyone! Today i want to share some macro analysis with you! Hope it can help you!
1.
The Bank of Canada cut interest rates for the first time in four years and said there is reason to expect further rate cuts
On June 5, the Bank of Canada cut interest rates by 25 basis points for the first time since 2020, in line with market expectations, becoming the first central bank in the Group of Seven to launch an easing cycle. Officials said they were more confident that inflation would move toward the 2% target, and said that if progress continued, "there is reason to expect further rate cuts." "With more and more consistent evidence that underlying inflation is easing, monetary policy no longer needs to be as restrictive as before," said Governor Macklem. Since the beginning of the year, inflation in Canada has slowed faster than expected.
CPI slowed to 2.7% in April, while the central bank forecast 2.9% in the second quarter. Underlying price pressures have also eased for four consecutive months, with the average of the two core indicators reaching 2.75% in April. Financial markets expect that the European Central Bank is most likely to follow the Bank of Canada in cutting interest rates on Thursday .
2.
$XAU/USD(XAUUSD.FOREX)$ $Gold - main 2408(GCmain)$ As expected, today's ADP data is conducive to the rise of XAUUSD, reaching 2345, and then a technical decline occurred. After reaching the lowest point of 2334, it continued to rise, and my partner's selling order also made a profit!
However, in the H4 trend, XAUUSD is still oscillating in the box! However, the technical pattern appears "W" type! This is a signal of rising. According to my prediction, XAUUSD will break through the box oscillation after the NFP data and will reach 2380-2400!
3.
Gold stood at $2,370/oz for the first time since 23 May.XAUUSD managed to break out of its boxy oscillator trend and kept rising! This is in line with my previous analysis! In the short term, we still need to pay attention to the 2374-75 first resistance, and XAUUSD will make a new high for the month today!
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