Gold prices pull back as traders book profits – What's next? [Video]

Phil Carr The Gold & Silver Club

Gold prices pulled back on Wednesday as trader’s book profits ahead of Friday’s key U.S jobs data.

Gold has been on an incredible bull-run throughout the past month, with the precious metal notching up a fourth consecutive week of gains. Gold crossed the finishing line for May – up over 8% to score its biggest monthly gain since July 2020.

Since March, Gold prices have rallied over $230 from their recent lows of $1674 an ounce. That’s an outstanding gain of 13.7% in the space of two-months.

Looking ahead to this week, the biggest market-moving events that traders will be closely monitoring is Friday’s U.S Employment Report, which is the most highly anticipated economic report of every month. It’s also a key measure of economic performance and inflation tracked by the Fed.

There will be a huge focus on Friday’s data, especially as recent inflation readings have come in much hotter than expected. The latest was the PCE Price Index, which showed core inflation running at 3.6% from a year earlier. That’s its biggest annual rise since 1992 – raising fears that the cost of living is continuing to surge at an alarming pace, whilst the labour market remains unexpectedly sluggish.

Where are prices heading next? Watch The Commodity Report now, for my latest price forecasts and predictions:

Author

Phil Carr

The Gold & Silver Club

Phil is the co-founder and Head of Trading at The Gold & Silver Club, an international Commodities Trading Firm specializing in Metals, Energies and Soft Commodities.

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