Commodites

Elliott Wave Live: China News Makes Perfect Pullback For GoldJun 10, 2024

Hey traders,

I hope you had a wonderful weekend.

If you are a member, you might have noticed that I’ve updated plenty of Elliott Wave analyses following some volatile moves at the end of last week, which included strong market reversals. As expected, the ECB cut rates, but the market remained mostly sideways as everyone awaited the US Non-Farm Payrolls report. The report showed very strong figures, leading to a strong reversal to the upside for the US dollar, accompanied by a rise in US yields, despite a higher uneployment rate. So, the stock market was still able to stabilize on Friday, also due to the personal income data (HOURLY EARNINGS), which slightly increased by 0.4%.

More importantly, gold experienced a strong decline following news that China did not buy any gold in May. While this sounds bearish, it’s worth noting that China did not buy at the highs, suggesting potential better entry points for them now here, after this retracement. We are observing an interesting retracement in gold, with wave four returning to the former wave four 2270 support, as shown on the chart below. Could we see a new bounce? Well, the timing should be interesting, as we expect the release of US inflation data on Wednesday, and the Fed will announce its latest decision regarding interest rates. Additionally, the US PPI data will be released on Thursday, and on Friday, the Bank of Japan will announce its latest decision. Given their efforts to strengthen the Japanese Yen, and the current price of the US dollar, I think the USD/JPY pair could be nearing potential resistance at 158.

I will discuss this and much more in our webinar tomorrow, Tuesday, at 15 CET. If you are a member, make sure to check out the fresh chart updates available today.

Webinar will be tomorrow, on Tuesday, June 10 2024 https://youtube.com/live/K5PgrmFx1z

Grega

XAUUSD D

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