Gold Price Preview: June 3 - June 7 | Metals Mine

  • Gold Price Preview: June 3 - June 7

    From goldprice.org

    Gold traders have a reason to be excited for the first time in a while. Gold has had one of its biggest rallies of the year up over $50 in 3 days of trading, close to a 3 standard deviation move. From a volatility perspective gold has caught a bid up 3% to 4%, shaking up the options market. Equity traders have been tossed around with equities continuing to sell off from the peak at the beginning of May. Today’s day of gold trading has been a pure rip upwards with no sign of slowing down. This gold move was further compounded by the comments made by James Bullard, a dovish member of the Fed. Bullard indicated that a ... (full story)

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EventsTrader
Jun 3, 2019 10:41pm
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The article says:
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Nonfarm payroll surprises should follow ADP employment surprises so keep an eye on Tuesday’s ADP employment data.

I'm always looking for correlations between data. This is a common mistake. One that I learned very early on as a trader. I've learned that the correlation tends to breakdown even more when there's greater uncertainty.

Here's a recent example: On Wed. April 3rd, ADP missed the 184k estimate, coming in at 129k. Then, on Friday, April 5th NFP surprised a better than expected 196k vs 172k estimate.

I wish ADP were reliable to predict NFP, but in my experience, you can get burned.
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bigtx
Jun 3, 2019 9:27pm
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Some big time events this week. I'm probably sitting out until next week and see if we see where the market wants to settle after all this.
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