GOLD (XAU/USD) Technical Analysis 2015, 31.05 - 07.06: ranging after bearish breakdown with 1132.00 psy support level - page 2
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Sergey Golubev, 2015.06.03 14:43
2015-06-03 13:30 GMT (or 15:30 MQ MT5 time) | [USD - Trade Balance]if actual > forecast (or previous data) = good for currency (for USD in our case)
[USD - Trade Balance] = Difference in value between imported and exported goods and services during the reported month. Export demand and currency demand are directly linked because foreigners must buy the domestic currency to pay for the nation's exports. Export demand also impacts production and prices at domestic manufacturers.
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"The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced today that the goods and services deficit was $40.9 billion in April, down $9.7 billion from $50.6 billion in March, revised. April exports were $189.9 billion, $1.9 billion more than March exports. April imports were $230.8 billion, $7.8 billion less than March imports."
"The April decrease in the goods and services deficit reflected a decrease in the goods deficit of $9.3 billion to $60.7 billion and an increase in the services surplus of $0.4 billion to $19.8 billion."
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XAUUSD, M5, 2015.06.03
MetaQuotes Software Corp., MetaTrader 5
XAUUSD M5: 362 pips price movement by USD - Trade Balance news event
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Sergey Golubev, 2015.06.04 07:29
Gold Sinks to Three-Week Low on Greece Hopes, Stock Gains (adapted from wsj article)
Gold prices fell to their lowest level in three weeks on Wednesday as optimism about a positive outcome to Greece’s financial problems and gains in stocks weighed on investor interest for havens like precious metals.
“We are a few days, or I could even say a few hours, away from a resolution,” French President François Hollande said at a conference in Paris.
“Some people are just getting out of this market to avoid the volatility and paring back positions until they get a clearer understanding,” said Frank Lesh, a broker and futures analyst with FuturePath Trading in Chicago. “Just because Greece gets a deal now doesn’t mean that their problems are solved.”
“The stock market is still up and strong and siphoning money away from gold to stocks,” said George Gero, a senior vice president with RBC Capital Markets Global Futures.
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Sergey Golubev, 2015.06.04 12:59
Gold Down, Hits 4-Week Low; Gets No Support from Sell-Off in USDX (based on kitco article)
"Gold prices ended the U.S. day session moderately lower and hit a four-week low Wednesday. The U.S. dollar index dropped from its overnight highs to trade lower during the U.S. session, but gold and silver bulls got no benefit. The bearish technical postures for gold and silver markets are keeping the sellers in control. August Comex gold was last down $10.30 at $1,184.10 an ounce. July Comex silver was last down $0.329 at $16.47 an ounce."
"Technically, August gold futures prices closed nearer the session low and hit a four-week low today. Gold bears have the firm overall near-term technical advantage. Bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at this week’s high of $1,204.70. Bears' next near-term downside price breakout objective is closing prices below solid technical support at the May low of $1,170.00. First resistance is seen at $1,190.00 and then at today’s high of $1,195.60. First support is seen at today’s low of $1,179.10 and then at $1,170.00. Wyckoff’s Market Rating: 2.5 "
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Sergey Golubev, 2015.06.05 06:00
The next great bull market: Gold $25,000 (based on marketwatch article)
"Suppose someone approached you in the year 2000, when the price of gold was around $250 an ounce and suggested that it would be worth almost eight times its current value within the next decade. I am sure most people would have thought that person to be less than credible making such an outrageous market call. Think about it. An asset being expected to multiply by eightfold within a decade? But as we all know now, gold went from $250 an ounce to just over $1,900 an ounce in just that amount of time."
"For those who still question how well Elliott Wave can really provide long-term accurate predictions of market direction relative to all other methodologies, allow me to present you with the following prediction made by Ralph Nelson Elliott in August of 1941:
“[1941] should mark the final correction of the 13 year pattern of defeatism. This termination will also mark the beginning of a new Supercylce wave (V), comparable in many respects with the long [advance] from 1857 to 1929. Supercycle (V) is not expected to culminate until about 2012.”
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Sergey Golubev, 2015.06.05 14:37
2015-06-05 13:30 GMT (or 15:30 MQ MT5 time) | [USD - Non-Farm Employment Change]if actual > forecast (or previous data) = good for currency (for USD in our case)
[USD - Non-Farm Employment Change] = Change in the number of employed people during the previous month, excluding the farming industry. Job creation is an important leading indicator of consumer spending, which accounts for a majority of overall economic activity.
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"Total nonfarm payroll employment increased by 280,000 in May, and the unemployment rate was essentially unchanged at 5.5 percent, the U.S. Bureau of Labor Statistics reported today. Job gains occurred in professional and business services, leisure and hospitality, and health care. Mining employment continued to decline."
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XAUUSD, M5, 2015.06.05
Alpari Limited, MetaTrader 4
XAUUSD M5: 893 pips price movement by USD - Non-Farm Employment Change news event