Weekly Market Analysis / 28 June - 2 July 2021
Gold: - 1787.30
Silver: - 26.43
At the tail end of a mostly calm market week that also saw the close of a month and a financial quarter, Gold have gone back and forth during the course of the week, with this being said, the market is likely to continue to see buyers in this area, but we also have a lot of negative pressure above.
So, what kind of week has it been?
We’re wrapping up an otherwise uneventful trading week with an overall promising Jobs Report detailing the month of June. The Labor Department reported 850,000 non-farm jobs were added to the US economy last month, coming in above the consensus estimates of roughly 700K.
Ahead of the Jobs Report on Friday morning, gold spot prices had recovered the majority of the losses taken earlier in the week, and the yellow metal’s initial reaction to the employment data was a resurgence in the reflation rally that drove prices higher for much of Q2. The price per ounce of gold reached as high as $1795
Gold price found solid resistance at 1782.00 AND solid support at 1769.00
We remind you that breaking the support will press on the price to resume the bearish trend that its next main target located at 1734.10, while breaching the resistance represents the key to start bullish wave that targets 1800.00 followed by 1825.15 areas on the near-term basis.
Data to Watch:
1) One of the biggest events to watch next week will be the Federal Reserve's monetary policy meeting minutes. Gold could see a significant rally above the $1,800 an ounce level next week after the release of meeting minutes
2) ISM non-manufacturing PMI on Tuesday
3) Jobless claims on Thursday.