Gold climbs 0.30% to $2,352.55 as EUR/USD edges up 0.06%, trading at $1.0848 amid mixed economic data.
- Japan's Final Manufacturing PMI was 50.4, slightly below the previous 50.5.
- Spain's Manufacturing PMI increased to 54.0, surpassing the forecast of 52.5.
- US ISM Manufacturing PMI fell to 48.7, below the expected 49.8.
Currency Movements Overview
On Monday, the EUR/USD edged higher by 0.06%, trading at $1.0848, while USD/JPY dropped 0.31% to 156.81. GBP/USD showed a slight decline of 0.04%, standing at $1.2734. USD/CAD remained unchanged at $1.3626, and AUD/USD rose by 0.18% to $0.6664. The Dollar Index fell by 0.09%, settling at 104.535.
In the commodities market, Crude Oil WTI decreased by 0.39% to $76.69, and Brent Oil slipped 0.32% to $80.85. Natural Gas saw a significant surge of 6.84%, reaching $2.764. Gold rose by 0.29%, trading at $2,352.55. Meanwhile, Bitcoin (BTC/USD) gained 2.74%, reaching $69,765.0.
Economic Events Recap - June 3
Early in the session, Japan's Final Manufacturing PMI came in at 50.4, slightly below the previous 50.5. Australia's MI Inflation Gauge showed a 0.3% increase, up from 0.1%, while the Caixin Manufacturing PMI in China rose to 51.7 from 51.4, beating the expected 51.6.
In Europe, Spanish Manufacturing PMI increased to 54.0, significantly higher than the forecasted 52.5. Conversely, Italy's Manufacturing PMI dropped to 45.6, below the expected 47.9. The French and German Manufacturing PMIs held steady at 46.4 and 45.4, respectively, aligning with forecasts.
The UK's Final Manufacturing PMI slightly missed expectations, posting 51.2 against a forecast of 51.3. Canada's Manufacturing PMI also fell short, recording 49.3 compared to the anticipated 50.2.
In the US, the Final Manufacturing PMI was revised upward to 51.3 from 50.9. The ISM Manufacturing PMI, however, fell to 48.7, below the expected 49.8. ISM Manufacturing Prices decreased to 57.0, while Construction Spending showed a decline of 0.1%, missing the forecasted 0.2%.
Economic Events Ahead - June 4
Tomorrow's schedule includes several key releases. Australia's Company Operating Profits are expected to drop by 0.9% after a previous increase of 7.4%. The Australian Current Account is forecasted at 5.9B, down from 11.8B. Japan will hold a 10-year bond auction, and Switzerland will release its CPI, expected to rise by 0.4%.
In Europe, French Government Budget Balance, Spanish Unemployment Change, and German Unemployment Change are on the docket. The US will release JOLTS Job Openings, anticipated at 8.40M, and Factory Orders, expected to rise by 0.7%. Economic optimism data from the RCM/TIPP Economic Optimism Index is also expected.
Overall, the forex and commodity markets are reacting to a mix of economic indicators and geopolitical developments, setting the stage for further potential volatility. For detailed analysis and market insights, visit flow-broker.com
Gold (XAU/USD) Price Forecast: Technical Outlook
Gold (XAU/USD) is trading at $2,330.03, up 0.16% in the 4-hour timeframe. Key price levels show the pivot point at $2,314.60. Immediate resistance is identified at $2,341.37, followed by $2,363.97 and $2,386.57.
On the support side, immediate support is at $2,304.36, with further levels at $2,281.51 and $2,263.06. The Relative Strength Index (RSI) is at 42, indicating a neutral to slightly bearish sentiment.
Gold Price Chart - Source: Tradingview
The 50-day Exponential Moving Average (EMA) is positioned at $2,348.81, suggesting a bearish outlook in the short term. The recommended strategy is to sell below $2,340, with a take profit target at $2,305 and a stop loss at $2,368. This reflects the current market conditions and technical indicators.
Trading Signal:
- Entry Price: Sell Below $2,340
- Take Profit: $2,305
- Stop Loss: $2,368
Start Trading Gold (XAU/USD) Today
EUR/USD Price Forecast: Technical Outlook
EUR/USD is trading at $1.08419, down 0.04% in the 4-hour timeframe. The key price levels indicate a pivot point at $1.08264. Immediate resistance is seen at $1.08901, followed by $1.09203 and $1.09565. On the support side, immediate support is at $1.07893, with subsequent levels at $1.07600 and $1.07272.
EUR/USD Price Chart - Source: Tradingview
The Relative Strength Index (RSI) is at 50, reflecting a neutral market sentiment. The 50-day Exponential Moving Average (EMA) is at $1.08396, suggesting the current price is hovering around this critical moving average, indicating a potential pivotal area.
Given the current technical indicators, the recommended strategy is to buy above $1.08257, with a take profit target set at $1.09022 and a stop loss at $1.07801.
Trading Signal:
- Entry Price: Buy Above 1.08257
- Take Profit: 1.09022
- Stop Loss: 1.07801
Start Trading EUR/USD Today
GBP/USD Price Forecast: Technical Outlook
GBP/USD is trading at $1.2730, up 0.08% in the 4-hour timeframe. Key price levels show a pivot point at $1.26473. Immediate resistance is identified at $1.28018, followed by $1.28409 and $1.28765. On the support side, immediate support is at $1.26991, with further levels at $1.26503 and $1.26079.
The Relative Strength Index (RSI) stands at 49, indicating a neutral market sentiment. The 50-day Exponential Moving Average (EMA) is positioned at $1.27219, suggesting the current price is slightly above this critical average.
GBP/USD Price Chart - Source: Tradingview
Previously, GBP/USD violated an upward channel, which is likely to push the sterling lower towards the $1.2640 level. The RSI and EMA indicate a potential bearish trend.
The recommended strategy is to buy above $1.27559, with a take profit target at $1.28409 and a stop loss at $1.26923.
Trading Signal:
- Entry Price: Buy Above 1.27559
- Take Profit: 1.28409
- Stop Loss: 1.26923
Start Trading GBP/USD Today
We hope this brief helps you understand today’s market movements. If you have any questions or need further clarification, feel free to reach out. Subscribe to FlowBroker’s daily insights and updates. Happy trading!
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