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 Gold & silver : the big picture remains very bullish

Gold & silver : the big picture remains very bullish

Information is not investment advice

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Ichimoku Kinko Hyo

EUR/JPY: The pair is trading above the cloud. An upward pressure would lead the pair to exit further the cloud, confirming a bullish outlook.

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Fibonacci Levels

 XAU/USD: Gold continuous to stand above 23.6% retracement area. Bullish pressure is growing during the days.

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EU Market View

Asian equities traded mostly positive as the region shrugged off the negative lead from Wall Street. Looking ahead, highlights include the UK Labour Market Report, EZ Flash GDP (2nd), US Building Permits and Housing Starts, ECB’s Lagarde, BoE’s Bailey, Broadbent, Ramsden, Fed’s Bostic, Kaplan.

 European stock markets are seen opening higher Tuesday, helped by promises of continued Federal Reserve largesse ahead of the release of the latest growth data for the region. In Europe, attention will now turn to the release of the flash estimate of Eurozone first-quarter GDP.

However, Dallas Federal Reserve President Kaplan on Monday reiterated his view that he does not expect interest rates to rise until next year, while Federal Reserve Vice Chair Clarida pointed to the disappointing jobs report as evidence the U.S. economy had not yet reached the threshold to warrant scaling back the central bank’s massive bond purchases.

Oil prices pushed higher Tuesday, continuing the optimism of the previous session as the major oil-consuming economies of the U.S. and Europe further reopen on the back of successful vaccination programs.

U.S. airports recorded 1.85 million passengers on Sunday, the highest number since the beginning of the Covid-19 pandemic in early March 2020. In Europe, the U.K. further relaxed restrictions and both Portugal and the Netherlands have opened up travel.

 Britain's unemployment rate unexpectedly fell again to 4.8% between January and March, a period which the country spent under a tight COVID lockdown, and hiring rose further in April, data showed on Tuesday. Economists polled by Reuters had mostly expected the unemployment rate to hold at 4.9%.

 

 

 

EU Key Point

  • UK April jobless claims change -15.1k vs -10.1k prior.
  • Risk keeps in a good spot ahead of European trading
  • Taiwan says hopes to provide domestically produced COVID-19 shots from July
  • Australia Treasury Secretary Kennedy says recovery in Australia is stronger than in many other countries.
  • US Senator Capito said the Republican infrastructure proposal is on track to be sent to President Biden on Tuesday

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