The University of Michigan consumer sentiment disappointed on Friday. The actual number came in at 77, well below the analyst consensus expectation of 82.1. This news was bearish and suggested there’s an increased need for economic stimulus and helped the price of gold to move higher just as we suggested on Friday’s Price Action Analysis video on gold. This was the second time in a short period of time that we were able to foresee a significant breakout in the price of gold. The previous breakout generated a massive move lower that was later attributed to Pfizer coronavirus vaccination news. At the time of writing this, the price of gold is retracing back towards the price levels that used to hold it down last week. The main macroeconomic news events today include speeches by the RBA Governor Lowe and from the ECB President Lagarde and a Financial Stability Review from the ECB. By reading further you agree with our disclaimer at the bottom of this page and acknowledge that we do not provide investment advice.

At the time of our analysis on Friday gold was trading below 1881 and then rallied to 1899 thus missing our target one zone by four dollars.

The price of gold retraced to 1884.70 support on Friday and provided an opportunity to go long at support. Now the price has retraced close to the same levels and we look for buy signals above this support. Just in case we see dollar strength coming into this market we bring our target levels slightly lower. The new T1 zone is: 1901 – 1909 and T2 zone is: 1916.50 – 1924.00. For more analysis on this and many other markets, you may want to subscribe to TIOmarkets YouTube channel.l.

Recent macroeconomic data releases

  • Federal Funds Rate <0.25%, <0.25% expected
  • Canadian Employment Change 83.6K, 59.0K expected
  • Canadian Unemployment Rate 8.9%, 9.0% expected
  • US Average Hourly Earnings 0.1%, 0.2% expected
  • US Non-Farm Employment Change 638K, 595K expected
  • US Unemployment Rate 6.9%, 7.7% expected
  • New Zealand Official Cash Rate 0.25%, 0.25 expected
  • US CPI 0.0%, 0.1% expected
  • US Core CPI 0.0%, 0.2% expected
  • US Unemployment Claims 709K, 730K expected
  • US Core PPI 0.1%, 0.2% expected
  • US PPI 0.3%, 0.2% expected
  • Prelim UoM Consumer Sentiment 77.0, 82.1 expected

Macroeconomic data releases today

  • RBA Gov Lowe Speaks
  • ECB Financial Stability Review
  • ECB President Lagarde Speaks

You may access the times and dates in the economic calendar here.

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Janne Muta
Chief Market Analyst

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