Mon-Fri 8am-6pm EST -  Support: 212-391-2211

  • My account
Wallace Precious MetalsWallace Precious Metals
0
  • Home
  • Gold
    • Gold Coins
      • American Gold Coins
      • Canadian Gold Coins
      • British Gold Coins
      • Chinese Gold Pandas
      • Austrian Gold Philharmonics
      • European Gold Sovereigns
      • Gold Bars
    • Other Gold Coins
      • Somalian Gold Elephants
      • Ukrainian Gold Coins
      • Disney Gold Coins
      • South Korean Gold Coins
      • World Gold Coins
  • Silver
    • Silver Coins 1
      • Silver Bars
      • Silver Coins
      • Silver Bars
      • Silver Rounds
      • Silver Statues
      • Silver Bullets
      • Silver Eagles
      • Silver Dollars
      • 90% & 40% Silver Coins
      • Ukrainian Silver Coins
    • Silver Coins 2
      • America The Beautiful Series
      • Canadian Silver Coins
      • Canadian Silver Coins
      • Chinese Silver Pandas
      • Austrian Silver
      • South Korean Silver Coins
      • British Silver Coins
      • Australian Silver Coins
      • New Zealand
      • Gilded Silver Coins
    • Other Silver Coins
      • Solomon Islands Silver Coins
      • Armenian Silver Coins
      • Biblical Silver Coins
      • Cook Islands Silver Coins
      • Rwanda Silver Coins
      • Congo Silver Coins
      • Fiji Silver Coins
      • Native American Coins
      • Disney Silver Coins
      • World Silver Coins
  • Platinum
    • IRA Eligible Platinum
    • Platinum Bars
  • Palladium
  • On Sale
    • New Arrivals
  • Sell To Us
  • Charts
    • Gold Price Charts
    • Silver Price Charts
    • Platinum Price Charts
    • Palladium Price Charts
    • Stock Market Analysis
      • Technical Analysis Charts
    • Commodities Chart Box
  • IRA
  • Other
    • Copper
      • Copper Bars
      • Copper Rounds
      • Wheat Pennies
    • Accessories
      • Bar Accessories
      • Coin Accessories
  • Contact

Gold sees price bump on U.S. non-farm payrolls downside miss

Admin
Jun 6, 2021 Precious Metals News Comments Off on Gold sees price bump on U.S. non-farm payrolls downside miss


Editor’s Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today’s must-read news and expert opinions. Sign up here!

(Wallace Refiners) – Gold and silver prices are moderately higher and near daily highs in early morning U.S. trading Friday, after receiving a lift following a key U.S. economic report that was a slight miss to the weak side. August gold futures were last up $9.90 at $1,882.00 and July Comex silver was last up $0.173 at $27.665 an ounce.

Arguably the most important U.S. economic report of the month, Friday morning’s Employment Situation Report for May from the Labor Department showed the key non-farm payrolls number up 559,000. The number was forecast to come in up around 675,000 after a paltry rise of 266,000 in April. The unemployment rate for May was 5.8% compared to forecasts for a rate of 5.9% versus 6.1% reported in the April data. While the downside miss from forecasts was not big, there were some market watchers that were expecting a big miss to the upside on the non-farm jobs number, and that likely helped to boost the precious metals markets.

Global stock markets were mixed to weaker overnight. U.S. stock indexes are pointed toward slightly lower openings when the New York day session begins.

In overnight news, the Eurozone reported its April retail sales were down 3.1% from March but up 23.9%, year-on-year.

In other news, reports said Russia plans to abandon the U.S. dollar as part of its sovereign wealth fund. Russia currently has 35% of the fund in greenbacks but will cut that to zero. Many veteran market watchers reckon that Russia and China will continue to scheme to erode the dollar’s global dominance. While Russia’s economy is not that significant on the world stage, China boasts the world’s second-largest economy that will move to the number-one spot likely within a decade. Both Russia and China correctly claim the U.S. uses the might of the dollar for political purposes, such as sanctions.

The key outside markets today see the U.S. dollar index slightly higher and hitting a three-week high overnight as the greenback bulls have had a good week. Nymex crude oil prices are a bit higher and trading around $69.00 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently fetching around 1.625%.

Other U.S. economic data due for release Friday includes manufacturers’ shipments and inventories.

Technically, August gold futures bulls still have the firm overall near-term technical advantage amid a two-month-old price uptrend in place on the daily bar chart. Bulls’ next upside price objective is to produce a close above solid resistance at the June high of $1,919.20. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at $1,850.00. First resistance is seen at $1,884.30 and then at $1,900.00. First support is seen at the overnight low of $1,855.60 and then at $1,850.00. Wyckoff’s Market Rating: 6.5

Live 24 hours silver chart [ Wallace Inc. ]

The silver bulls have the overall near-term technical advantage but a two-month-old price uptrend on the daily bar chart is now in jeopardy. Silver bulls’ next upside price objective is closing July futures prices above solid technical resistance at the May high of $28.90 an ounce. The next downside price objective for the bears is closing prices below solid support at $26.00. First resistance is seen at $28.00 and then at Thursday’s high of $28.37. Next support is seen at this week’s low of $27.09 and then at $27.00. Wyckoff’s Market Rating: 6.0.



Disclaimer: The views expressed in this article are those of the author and may not reflect those of Wallace Precious Metals The author has made every effort to ensure accuracy of information provided; however, neither Wallace Precious Metals nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Wallace Precious Metals and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.



Source link

bumpDownsideGoldnonfarmpayrollspricesees
admin

Russian mining giant Nornickel resumes mining at TaimyrskyPrevious post
Why did Friday’s jobs report miss expectations? Is the economy in trouble?Next post

NEWSLETTER

Subscribe to our newsletter to get updates regarding our business and precious metal refining.

MY ACCOUNT

  • Cart
  • Checkout
  • On Sale
  • My account
  • Shop

ABOUT US

  • Sell To Us
  • Careers
  • About
  • Payments
  • Refine Jewelry

Address

Wallace Refiner’s Inc

+1 212-391-2211

15 W 47th St # 101, New York, NY 10036, United States

contact@wallacerefiners.com

©2020 Wallace Refiners - Wallace Precious Metals | All Rights Reserved.

Send Enquiry