Gold to a new monthly Low, Market waiting for any hints from Yellen today about raising rates
Wall Street futures pointed to a higher open on Monday as global stocks got off to a positive start to the week with investors looking ahead to economic data and an appearance from former Federal Reserve (Fed) chief Ben Bernanke while keeping an eye on moves in gold and oil.
U.S. orders for long-lasting manufactured goods fell more than forecast in May, while the core reading bounced back only slightly from a prior decline, dampening optimism over the U.S. economy, according to official data released on Monday.
Total durable goods orders, which include transportation items, decreased by 1.1% last month, the Commerce Department said, compared to economists’ expectations for a decline of 0.6%.
Separately, market players will have to wait for current Fed chair Janet Yellen to chime in on global economic issues until today’s speech as markets hope for any new insight on the timing of when the Fed will next raise interest rates and/or begin the reduction of its $4.5 trillion balance sheet.
Gold trades in a descending channel according to the Bloomberg 4H Chart.
If there is a continuation of the bearish momentum, the commodity could break out below 1234.09 and possibly extend more losses toward the 1202.61.
In the case of a bullish reversal, Gold could soar toward the 1255.86 and extend gains through 1289.68.
EURUSD: Intraday bias in EUR/USD remains neutral as it’s still bounded in sideway trading in the range of 1.1109/1295.
GBPUSD: Intraday bias in GBP/USD remains neutral for the moment. With 1.2813 resistance intact, deeper decline is expected.
USDCAD: Intraday bias in USD/CAD remains neutral at this point as consolidation from 1.3164 continues.
USDJPY: Intraday bias in USD/JPY remains neutral as it’s bounded in consolidation below 111.78 temporary top. Further rise is favor with 110.63 minor support intact
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***Information contained in this news letter are gathered from third parties and should not be regarded in any way as trade advice or recommendations by CM Trading. CM Trading does not recommend or advise traders or investors in their decision making, but merely provides information from the market for its clients as additional information being made available as per the events occurring in the financial markets.
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