|Day's range||1,273.00 - 1,279.70|
Silver markets went back and forth during the week, which probably had quite a bit of trading volume socked out of it due to the Easter holiday coming, and of course the Good Friday holiday Matt that it was only a four day week to begin with.
Gold markets fell rather hard during the week, crashing into what I believe is a significant support level. It will be interesting to watch what happens next, but clearly we have seen a complete change in attitude over the last several weeks.
The US dollar has gone back and forth against the Japanese yen, reaching at the ¥112 level, which of course has been massive resistance. That being said, it looks as if we have work to do.
Market watchers noted the movement of digital assets from unknown wallets to crypto exchanges, which may indicate a willingness to sell. Whether this is so, we can find out this coming weekend.
Since November last year, the dollar has been experiencing difficulties with growth above 97.00 on USDX, both due to the general demand for risky assets in global markets and due to softening of the Fed’s position. EURUSD received a powerful blow on Thursday after disappointing data on business activity in the Eurozone, dropping to 1.1230. The technical analysis shows that EURUSD failed to consolidate above the important 50-day moving average, returning it to the downward channel.
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If buyers take control then look for a test of a pair of uptrending Gann angles at $64.15 and $64.17. Overtaking $64.17 will indicate the buying is getting stronger. This could trigger an acceleration to the upside with $64.72 the next major target.
Based on the early price action and the current price at $1277.60, the direction of the June Comex gold market the rest of the session is likely to be determined by trader reaction to yesterday’s close at $1276.80.
Thin-trading conditions are contributing to today’s early two-sided trade. This price action is likely to continue throughout the session. Throughout the week, gold has been pressured by improving economic data in the U.S. and China. With the emergence of weaker data from the Euro Zone, traders now have to make position adjustments to reflect this.
This time, the CAD Retails numbers are expected to report positive data to the prior negative numbers. Loonie continued to remain subdued within the range of 1.3282/1.3402 levels since April 1.
The markets could experience choppy, two-sided trading today due to thin, pre-holiday volume, and renewed concerns over future demand due to the weak Euro Zone PMI data. Earlier in the week some of those concerns were offset by stronger-than-expected economic data from China.
It suggests a cooling of tensions between Sibanye and one of its biggest unions ahead of potentially fractious platinum wage negotiations later this year. AMCU has been on strike since Nov. 21 after refusing to join a wage agreement that Sibanye reached with other unions. In an apparent victory for Sibanye Chief Executive Officer Neal Froneman, the labor group has now signed the same three-year pact.
Crude oil markets continue to press resistance overhead, but at this point it seems as if we aren’t quite ready to make a significant move. With that being the case, it’s very likely that we will continue to chop around with an upward bias.
Based on the early price action, the direction of the June Comex gold market the rest of the session is likely to be determined by trader reaction to the steep downtrending Gann angle at $1274.70.
Based on the early price action and the current price at 26398, the direction of the June E-mini Dow Jones Industrial Average futures contract is likely to be determined by trader reaction to the uptrending Gann angle at 26465. The market is also threatening to turn lower for the holiday-shortened week.
Based on the early price action and the current price at 1.1303, the direction of the EUR/USD on Wednesday is likely to be determined by trader reaction to the uptrending Gann angle at 1.1294.
The direction for gold today will likely be influenced by the direction of the U.S. Dollar, Treasury yields and U.S. equity prices. The U.S. Dollar is being primarily driven by the movement in the Euro. Treasury yields will be driven by expectations of continuing U.S. economic growth. Equities are being driven by earnings.
Almost all data released from China today managed to beat estimates, including industrial production and retail sales in March, which jumped 8.5% and 8.7%, respectively.