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.

EUR/USD trims gains, hovers around 1.1900 post-US data

EUR/USD trades slightly on the back foot around the 1.1900 region in a context dominated by the resurgence of some buying interest around the US Dollar on turnaround Tuesday. Looking at the US docket, Retail Sales disappointed expectations in December, while the ADP 4-Week Average came in at 6.5K.

GBP/USD comes under pressure near 1.3680

The better tone in the Greenback hurts the risk-linked complex on Tuesday, prompting GBP/USD to set aside two consecutive days of gains and trade slightly on the defensive below the 1.3700 mark. Investors, in the meantime, keep their attention on key UK data due later in the week.

Gold loses some traction, still above $5,000

Gold faces some selling pressure on Tuesday, surrendering part of its recent two-day advance although managing to keep the trade above the $5,000 mark per troy ounce. The daily pullback in the precious metal comes in response to the modest rebound in the US Dollar, while declining US Treasury yields across the curve seem to limit the downside.

AI Crypto Update: BankrCoin, Pippin surge as sector market cap steadies above $12B

The Artificial Intelligence (AI) segment is largely on the back foot with major coins such as Bittensor (TAO) and Internet Computer (ICP) extending losses amid a sticky risk-off sentiment.

Dollar drops and stocks rally: The week of reckoning for US economic data

Following a sizeable move lower in US technology Stocks last week, we have witnessed a meaningful recovery unfold. The USD Index is in a concerning position; the monthly price continues to hold the south channel support.

XRP holds $1.40 amid ETF inflows and stable derivatives market

Ripple trades under pressure, with immediate support at $1.40 holding at the time of writing on Tuesday. A recovery attempt from last week’s sell-off to $1.12 stalled at $1.54 on Friday, leading to limited price action between the current support and the resistance.