Economic Indicators

14:00 UK Public Sector Net Borrowing (May)‧Prev19.59B
14:00 UK Public Sector Net Cash Requirement (May)‧Prev5.217B
14:00 UK Retail Sales (MoM) (May)‧Fcst+1.5%‧Prev  -2.3%
14:00 UK Retail Sales (YoY) (May)‧Fcst-0.9%‧Prev -2.7%
14:00 UK Core Retail Sales (MoM) (May)‧Fcst+1.3%‧Prev-2.0%
14:00 UK Core Retail Sales (YoY) (May)‧Fcst-0.8%‧Prev-3.0%
15:15 French Manufacturing PMI (Jun) ‧Fcst46.8‧Prev46.4
15:15 French Services PMI (Jun) ‧Fcst50.0‧Prev49.3
15:15 French Global Composite PMI (Jun)‧Fcst49.5‧Prev48.9
15:30 German Manufacturing PMI (Jun) ‧Fcst46.4‧Prev45.4
15:30 German Services PMI (Jun)‧Fcst54.4‧Prev 54.2
15:30 German Composite PMI (Jun)‧Fcst52.7‧Prev52.4
16:00 EZ Manufacturing PMI (Jun)  ‧Fcst47.9‧Prev47.3
16:00 EZ Services PMI (Jun)  ‧Fcst53.5‧Prev53.2
16:00 EZ Global Composite PMI (Jun)  ‧Fcst52.5‧Prev52.2
16:30 UK Composite PMI ‧Fcst53.1‧Prev53.0
16:30 UK Manufacturing PMI  ‧Fcst51.3‧Prev51.2
16:30 UK Services PMI ‧Fcst53.0‧Prev 52.9
21:45 US Manufacturing PMI (Jun)  ‧Fcst51.0‧Prev51.3
21:45 US Services PMI (Jun)  ‧Fcst53.7‧Prev54.8
21:45 US Manufacturing PMI (Jun)  ‧54.5
22:00 US Existing Home Sales (May)‧Fcst4.10M‧Prev4.14M
22:00 US Existing Home Sales (MoM) (May)‧Prev-1.9%
22:00 US Leading Index (MoM) (May)    ‧Fcst-0.3%‧Prev-0.6%
 

XAU - Gold prices rise to two-week high as recent data boosts Fed rate cut bets

Gold rose sharply on Thursday, hitting its highest level in two weeks, as recent U.S. economic data showed signs of slowing, boosting bets that the U.S. Federal Reserve would cut interest rates this year. Gold prices rose to $2,365, the highest since June 7. Data released on Thursday showed that the number of people filing for unemployment benefits in the United States fell last week, suggesting that the labor market is generally stable. U.S. single-family housing starts fell 5.2% in May to a seasonally adjusted annual rate of 982,000 units. Last week's data showed that labor market and price pressures have slowed, and retail sales data released on Tuesday were weak, suggesting that economic activity in the second quarter is still lackluster. CME's FedWatch tool currently shows that traders currently believe that the probability of the Fed cutting interest rates in September is about 64%.

According to the trend of gold, the technical chart shows that the overall gold price can maintain a bottom near the $2280 level in early May, and the gold price can also stop at a low level of $2286.50 in early June. As the gold price rose on Thursday, it has If the MACD indicator breaks above the signal line, gold prices are expected to trend upward again. The current resistance is $2370 and the June 7 high of $2387.60. The next level is expected to be the $2400 and $2450. The support will firstly focus on the 25-day moving average of $2,343 and the $2,300. The largest support will refer to the gold price correction bottom of $2,277 in early May.

London Gold June 21
Forecast early range: 2353 – 2366
Resistance 2378 – 2391 – 2409
Support 2340 – 2328 – 2315

SPDR Gold Trust gold holdings:
June 10 – 835.67 tons
June 11 – 830.78 tons
June 12 – 830.78 tons
June 13 – 829.34 tons
June 14 – 825.31 tons
June 17 – 825.31 tons
June 18 – 825.31 tons
June 19 – 825.31 tons
June 20 – 823.65 tons

20/6 AM London Gold Fix: $2332.95
20/6 PM London Gold Fix: $2351.6

Any questions? contact our professional analysis team
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