Weekly Gold Forecast and News on 4 – 7 June 2024

Gold Reaches Two-Week High

Gold prices surged to a two-week high this week as investors increased bets on Federal Reserve rate cuts later this year. The yellow metal benefited from a weaker US dollar and declining Treasury yields.

Market Analysis

The precious metal rallied above $2,340 as markets interpreted recent economic data as supportive of monetary policy easing. Key factors driving the rally include:

1. Softening Labor Market: Job openings fell to the lowest level in three years

2. Manufacturing Weakness: ISM Manufacturing PMI remained in contraction territory

3. Dollar Weakness: DXY index fell below 104 support level

Technical Outlook

From a technical perspective, gold has broken above key resistance at $2,330, opening the path toward:

• **Immediate Target**: $2,355
• **Extended Target**: $2,375
• **Key Support**: $2,320

Economic Calendar

Important events to watch this week:

• Wednesday: ADP Employment Data
• Thursday: Weekly Jobless Claims
• Friday: Non-Farm Payrolls

Investment Strategy

Current market conditions favor a bullish bias on gold. Consider accumulating on dips toward $2,320-$2,325 with targets at $2,355 and $2,370.

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*This article was originally published on GoFX.com. The content has been adapted for our platform.*