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Gold and Silver seem ready for a significant  bullish breakout

Gold and Silver seem ready for a significant bullish breakout

Information is not investment advice

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Fibonacci Levels

 XAG/USD: Silver facing a further consolidation below 23.6% retracement area. Bulls have returned recently.

XAGUSDDaily.png

Ichimoku Kinko Hyo

GBP/JPY: The pair is trading below the cloud. A downward pressure would lead the pair to exit further the cloud, confirming a bearish outlook.

GBPJPYM30.png

US Market View

U.S. stocks are set to trade higher Tuesday, continuing the positive start to the week as tech continued its rebound as fears of a prompt policy move to combat inflationary pressures lessened and the reopening trade continued. The impact of the second wave of the Covid-19 pandemic in Europe was laid bare Tuesday by the latest growth figures from Germany, the region’s largest economy.

The German economy shrank more than expected in the first quarter, contracting by 1.8% quarter on quarter and by 3.1% on the year. Household spending fell by 5.4% on the quarter while the savings rate rose to a record high of 23.2%, as curbs linked to containing the pandemic made it hard for consumers to spend their cash. At the same time the U.K. posted a 31.7 billion-pound budget deficit ($45 billion) in April as the new fiscal year got under way, underlining the difficult position the pandemic has created to the country’s public purse.

The international outrage over the move by Belarus to force the landing of a  Ryanair jet and arrest a dissident journalist shows no sign of dissipating any time soon. European Union leaders, meeting in Brussels on Monday, agreed to impose more sanctions on Belarus, including economic ones, called on their airlines to avoid Belarusian airspace and authorised work to ban Belarusian airlines from European skies and airports. The EU currently has a travel ban and an asset freeze in place on 88 Belarusians, including President Alexander Lukashenko, and 7 companies, over Minsk's crackdown on protests following a contested presidential election last year. U.S. President Joe Biden added to the pressure by stating that he had ordered his team to “develop appropriate options” to hold those responsible accountable.

 

 

USA Key Point

  • EURUSD trades to highest level since January 8th as May and February highs broken.
  • The NZD is the strongest and the JPY is the weakest as NA traders enter for the day
  • Dollar keeps lower so far on the session
  • ECB's Stournaras: No reason to change pace of PEPP purchases.
  • GBP/USD runs up against 1.4200 again.
  • USD/CHF off multi-month lows, still in the red around 0.8960-55 ahead of US data.
  • Fed's Barkin: Market-based inflation expectations have not escalated beyond target.

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Gold isn't saving investors from inflation

Many investors treated gold as a protection against inflation. However, last week, gold lost its major support and dropped despite rising inflation. Why did it act like this?

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