Today's important facts and data
- The US will publish the annual and monthly rates of the core PCE price index for April. This data is the inflation indicator that is most interested by the Fed. If the data performs unexpectedly, it could cause short-term volatility in the US dollar.
- According to the press, on Friday, Biden will announce the first budget proposal of his term, which includes all the plans Biden has announced previously, including the tax plan and the spending plan. government. In addition, the government will also detail the fiscal proposal for the first time on inflation and employment., The expected impact of economic growth. After the news broke yesterday, it triggered a rise in US bond yields as the market worried about an increase in bond supply.
- In addition, the UK will host an online meeting of G7 finance ministers and central bank governors ahead of the G7 summit in June. The time will be determined.
Comment on Gold on May 28, 2021:
In yesterday's trading session, precious metal Gold fell from 1903 to 1888 ($ 15) then recovered to 1898 closing the session with a doji candle. Combined with yesterday's bearish candle, our opinion today has not changed much, we still favor a slight correction of precious metal Gold after many weeks of increasing price.
- Switching to the H4 time frame, the nearest resistance can establish a sell state for the precious metal Gold around 1897-1900. Here we can establish a short position with Gold. The safe target would be around 1888-1891. This is also the support area of MA20 band above H4 that Gold has not broken yet. If we can break this price range today, we will be able to move down to 1875. This is the price range where I expect Gold can drop in yesterday's session. If we can reach here, we will be liquid. sell out and wait for a new golden long beat
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