Gold Gold Daily Video, June 07, 2024

Sive Morten

Special Consultant to the FPA
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18,986
Good morning,

We've warned that gold could show cunning action, because bearish context remains valid until 2400$ area. Today we see solid downside action despite drop in US Dollar and the US yields. With NFP later in the session we prefer to see results of session close and not take bearish positions by far:

 
Sive Sir, do these days positive US data is negative for USD and vice versa as everyone is expecting sooner rate cut? If it is so, would today's NFP green data is actually bad for USD?
 
Sive Sir, do these days positive US data is negative for USD and vice versa as everyone is expecting sooner rate cut? If it is so, would today's NFP green data is actually bad for USD?
Sorry, mate, I saw your question too late. But the answer you could see - green NFP is always good for USD. Chances on rate cut has diminished (at least by market opinion), which has triggered dollar rally.
 
Thank you Sive sir, Learning a lot from you. Wish there is a live forum a paid service or so for genuinely interested members with you where we can do Q&A. :D
 
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