Ideas For XAUUSD / GOLD
GOLD →Resistance Retest 1981. What to expect in the coming week?
23.05 •The Services PMI is published monthly by Markit Economics. The data is based on surveys of more than 400 executives in the private service sector - the expected numbers are unknown
24.05 •Crude Oil Stocks Index. Energy Information Administration (EIA) measures the weekly change in the number of barrels of crude oil held in storage by U.S. companies - Analysts expect the reading to decline, which could reflect a deterioration in inflation
•Federal Open Market Committee (FOMC) minutes are a detailed report of a monetary policy committee meeting held about three weeks earlier
25.05 •Gross Domestic Product (GDP) measures the annual change in the inflation-adjusted value of all goods and services produced in the economy - Analysts expect GDP to be flat or worse, which could have a negative impact on the dollar.
•First-time jobless claims measure the number of people who applied for unemployment benefits for the first time in the last week - Analysts expect jobless claims to rise, which could negatively affect the dollar
26.05 •The Core Durable Goods Orders Index measures the change in the total value of new orders for manufactured durable goods, excluding transportation goods - expected numbers are unknown
•The Core Personal Consumption Expenditures Price Index (PCE) measures changes in the prices of goods and services purchased by consumers for consumption, excluding food and energy - Analysts expect the index to be flat or worse, which could negatively affect the dollar.
Overall, fundamental data this week is expected to be either neutral or negative for the dollar index. If the expected data proves to be true or is either in that range, then the dollar will start to sell off and gold will then break the 1981 level and start its strengthening.
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