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MARKET ANALYSIS

GOLD

Gold prices are currently exhibiting increased bullish movement, situated at the upper boundary of the consolidation zone. We expect to see further buying pressure in the coming days. The MACD is showing stronger bullish volume, while the RSI is stabilizing — a sign that buying momentum may continue.

On the fundamental side, last nights (June 4) price surge was largely fueled by a weaker U.S. Dollar, following disappointing economic data. The ADP Non-Farm Employment Change for May came in at just 37K jobs added — far below the expected ~110K — signaling a potential softening in labor market strength. Meanwhile, the ISM Services PMI for May dropped to 49.9, reflecting contraction in the services sector.

This softer data increased market expectations for future rate cuts, giving gold an additional lift.

SILVER

SILVER prices are consolidating and remain under the previous high point. However, we are observing a significant squeeze toward the high, indicating a potential for prices to break out upward at any moment. We continue to look for buying opportunities as prices seek a chance to continue their bullish trajectory. The MACD shows increased buying volume, alongside the RSI normalizing price action for continued bullish momentum.

DXY

The Dollar has bounced off the bottom boundary of its consolidation zone. This suggests a chance for prices to continue trading within this zone. However, the MACD is signaling a potential sell-off, and the RSI also indicates potential for prices to move lower.

GBPUSD

The Pound is reaching for the upper boundary high. The MACD is showing increased gains, and the RSI also indicates potential for prices to continue bullishly. There will be no changes in our assessment for this market, as the overall price action respects bullish structures. If the price breaks this high, we can expect further buying to come into play.

AUDUSD

The Australian Dollar is finding increased bullish continuation, with the MACD showing increased buying volume. The RSI also indicates increased momentum gains. This follows yesterday's bullish performance. Further buying is expected as the overall bullish price action is respected. However, 0.65250 still stands as a barrier for prices.

NZDUSD

The Kiwi is testing the 0.60455 level. If prices succeed in breaking this structure, we can expect a bullish continuation. The MACD and RSI are also finding increased bullish volume and momentum. Thus, we will wait for a continuation higher. We will remain bullish and look for more buying opportunities.

EURUSD

The Euro is currently seeing increased gains, and the MACD and RSI are reflecting a rise in bullish volume and momentum. We anticipate further buying to continue, especially with it bouncing off the upper boundary of the consolidation zone. We continue to look for bullish opportunities.

USDJPY

Gains for the Yen [USD/JPY lower] continue after the bounce off the EMA200. Our expectations held true, and the pair pushed lower. However, we are yet to see a break below the previous low point. There is a chance that we will see a consolidation zone form from here. The RSI and MACD are reflecting strong gains for bearish momentum and volume. Thus, we will continue to look for more bearish opportunities. However, if prices touch and test the EMA200 again, we will then consider this a developing consolidation zone.

USDCHF

Similar to the Yen, the Franc is seeing gains as USD/CHF declines following a rejection at EMA200 and the boundary zone. While we expect further selling, prices may consolidate if the pair tests EMA200 again. The MACD and RSI indicate selling momentum, but a decisive continuation requires a clear break below the lowest point of the previous sell-off. We anticipate continued selling in the coming days.

USDCAD

The CAD is experiencing increased selling momentum and volume, currently testing 1.36612 and dropping below the previous lowest point. This CAD strength comes after the Bank of Canada (BoC) held its interest rate steady at 2.75% on June 4th, citing uncertainties from U.S. trade policies and recent core inflation data. Governor Tiff Macklem mentioned the possibility of future rate cuts if the economy weakens due to tariffs, but for now, the decision and broader USD weakness support the Loonie. Depending on the reaction to the 1.36612 structure, we may see either a continuation higher or a breakdown lower. The MACD and RSI show increasing bearish momentum, aligning with our focus on seeking more selling opportunities.