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Stock and commodities markets
Japanese Stock Market Goes Red Amid Stronger Yen
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Japanese Stock Market Goes Red Amid Stronger Yen
Gazprom Sees Income Decline. Possible Threats For Russia?
European Stock Indices Go Red
Apple Is Planning To Patent Social Camera Flash
US Stock Indices Show Weak and Multidirectional Dynamics
Asian-Pacific Indices Go Red
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Stock and commodities markets
Gold And Silver: Daily Market Outlook. June 4th
04 June 08:08 AM
Friday’s employment report came out sharply worse than expected. This reminds us that the US economy is a part of the global economy. As a result, investors started panicking and getting rid of stocks and commodities, which resulted in a major decline. The same report resulted in more investors anticipating another round of quantitative easing by the Federal Reserve in June. This made gold and the Euro currency gain value against the US Dollar.
In the meantime, the Spanish Premier urged the eurozone leaders to coordinate their efforts to ensure the stability of European banks, thus literary calling for a “European banking union”. Angela Merkel opposes all the attempts to make all the eurozone economies share the responsibility for the eurozone debts.
The economic situation in Germany seems to be improving: the rate of unemployment is declining while the retail sales are growing. These factors can probably explain why Germany is against sharing the responsibility.
China’s service sector has recently shown the worst performance in 12 months. This suggests that apart from the Chinese manufacturing sector, the European economic slowdown has probably affected China’s service sector as well.
The Bank of Japan abstained from currency interventions in May, understanding that such steps won’t change investors’ sentiment. The President of Toyota Motor Corp assumes that the eurozone crisis, stronger yen and lower US demand are the key problems of the Japanese motor industry.
On Friday, Asian dealers reported about gold sales after a price rally, which was caused by profit taking.
Forecast.
According to the Commodity Trading Department of Masterforex-V Academy, gold may test the support located at 1622. If an H1 price bar closes below the support, it will trigger a downswing. A break below 1617 will give way to 1600, 1585, and maybe 1575. A break and consolidation above 1627, will probably start a rally up to 1645-1650, and maybe 1675.
As for silver, 28.5-28.53 is the closest resistance area. A break above 28.55 may well start a rally up to 28.75, 28.75, 29.0, and maybe even 29.25. A failure to consolidate above 28.53 will increase the probability of going down to 28.5, 28.25.
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Japanese Stock Market Goes Red Amid Stronger Yen
The current strengthening of the Japanese Yen seems to be the major reason for today’s decline seen in the Japanese stock market. This is the biggest daily decline in 2 years.
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