Gold, New Records Ahead? | Metals Mine

  • Gold, New Records Ahead?

    From orbex.com

    Gold trending higher through the week, largely driven by weaker US Treasury yields. As it approached a two-week high, it was short of the May 10 record. But the positive performance has opened the question of whether the yellow metal can hit new record highs in the near future. US yields were lower in the lead-up to NFP, as the broad consensus was that the jobs numbers would show continuing loosening in the labor markets. That would be a predicate for the Fed being inclined to ease, as it would be less worried about a rebound in inflation. The market is still pricing in no rate hike at next week’s FOMC meeting, ... (full story)

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Trader#5237
Jun 8, 2024 2:04am
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New records should be ahead, yes.

Crucial Support for Gold is at 2265$. (185$ retracement)
Crucial Support for Silver is at 28.9$. (3.6$ retracement)

The drop to these prices may already happen on Monday next week.

CPI Y/Y was forecasted first at 3.3% on FF and now they changed it to 3.4% which tells me that CPI Y/Y will come out at either 3.4% or lower next week. (Should be good for Gold or perhaps a non-event due to the Fed later in the day.

This all means it seems that the rally may very well continue during the Fed on Wednesday from where the price of Gold is expected to go above 2500$ and Silver to around 35$.
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