Notable economic events and data this week
- This week is Fed silence, on Wednesday the Bank of Canada will announce the decision on interest rates, Thursday, the European Central Bank will announce the decision on interest rates, the President of the Bank Lagarde European Central will hold a press conference.
- This week's economic data is relatively light and there are two notable comparisons:
- On Tuesday, the US will publish the April trade account;
- On Thursday, the US will publish non-seasonally adjusted annual and monthly CPI levels in May.
Oil market investors should pay attention to three reports:
- In the early hours of Wednesday morning, the EIA will release its monthly short-term energy outlook report.
- On Thursday, OPEC will release its monthly crude oil market report.
- On Friday, the IEA will release its monthly crude oil market report.
Finally, the 46th G7 Summit will be held on Friday, until June 13.
Comment on Gold on June 7, 2021:
‼️Close the session last week precious metal Gold ended with a bearish candle. The downtrend sometimes reached the 1855 mark, but then in the last sessions of the week Gold rebounded, making the weekly candle retreat quite a lot. With the resistance at 1900 still not broken, in today's session we still prefer to sell down at the beginning of the session.
- Moving to the H4 time frame we see more clearly the current resistance area of this precious metal. So we can establish a short position with precious metal Gold price with a safe target around 1880. Here we liquidate and wait for a signal to buy this precious metal.
"Higher interest rates are better for the economy. At the same time, slightly higher inflation will be practically a plus given the fierce debate about J. Biden's spending plan."
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Finance Minister - J. Yellen said in an interview with Bloomberg.
=> This statement shows that J. Yellen continued to support that the FED should consider raising interest rates, and put pressure on Gold in the Asian session this morning, when Gold dropped slightly from the range of 1,890 - 92. However, J. Yellen's statement this time shows that she is more cautious and not as confused in her statement as the last time about interest rates, and the market is no longer surprised by J. Yellen's statement about interest rates. capacity again.
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