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3nd June 2015
Technical Report: The gold markets went back and forth during the course of the session on Tuesday, as we continue to
grind sideways. With that being the case, the market looks as if it has plenty of support at the $1180 level, but significant
resistance near the $1200 level. Ultimately, the market looks as if it wants to grind sideways in the meantime, but
ultimately we believe that the markets are probably going to wait until we get the jobs number coming out on Friday, as
it will have a significant amount of impact on the US dollar in general.
Daily Support/Resistance
S3
1162
S2
1172
S1
1180
Pivot
1192
R1
1204
R2
1214
R3
1225
Fundament Report: Gold tumbled $1.80 to trade at 1190.50 while Silver added 17 points to 16.697 and Platinum rose
$5.20 to 1109.40 but there was very little reaction to the suggestion that a deal had been reached with Greece except
the US dollar fell but gold remained flat. There was also no response to better than expected inflation reports from the
Eurozone.
Gold held firm below $1,200 an ounce on Tuesday as the dollar climbed to a fresh 12-1/2-year peak against the yen and
strong US economic data supported expectations of a Federal Reserve rate hike later this year.
Gold initially rose in the prior session after US consumer spending growth unexpectedly stalled in April, but gave up
those gains after data showed manufacturing activity picked up in May for the first time in seven months and
construction spending surged in April to a near 6-1/2-year high.
The data kept alive expectations the Fed will hike US interest rates later this year from record lows, boosting the dollar.
Higher rates would reduce demand for non-interest-paying bullion.
Data/ Events: (DXB TIME)
4.15pm: ADP Non-Farm Employment Change, Expected 198k: Previous 169k
4.30pm: Trade Balance, Expected -43.9B: Previous -51.4B
6.00pm: ISM Non-Manufacturing PMI, Expected 57.1: Previous 57.8
4.30pm: ECB Press Conference
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