Gold Daily Analysis : 03 May 2021

The daily gold analysis of May 03, 2021 this time will discuss the release of positive American economic data coupled with the rise in US government bond yields, which has caused a decline in gold prices in the Friday market trading last weekend. In the Asian session in the market trading on Monday, May 3, 2021 earlier this week, it is estimated that the movement of the Gold market will continue its decline. This can be seen by the strengthening of the US Dollar. In April, Gold's movement could almost touch the psychological level of 1800/troy ounce, but failed even though the Federal Open Market Committee (FOMC) still maintained its monetary policy. Positive American employment data due to the encouragement of infrastructure development and various other fields, will further pressure the price of Gold. The profit-taking action carried out by market participants also dragged the price of Gold to its lowest level. It is estimated that the decline in gold prices can still continue to decline ahead of the release of NFP data next Friday. The expectation that the NFP data and monthly unemployment data report will be released positively will further immerse the price of Gold. The US Dollar is starting to bounce back from its weakness against other major currencies. The rebound of the Greenback can be seen after the start of rising US government bond yields with a tenor of 10 years. In addition, the strengthening of the US Dollar also received support from President Joe Biden's speech which will use additional stimulus worth US$2 trillion for the welfare of families and children's education. The details and plans for this stimulus have been stated by Biden in early April. Biden's plan also received a positive response from US Treasury Secretary Janet Yellen, where Yellen said that Joe Biden's plan to use additional stimulus funds will not make the US inflation rate become more uncontrollable as concerns are growing in the market, because the use of additional stimulus will be carried out gradually and take up to 1 decade in the future. The focus of market participants this week is on the NFP report data which the United States government estimates will add around 950,000 job openings in April, while the monthly unemployment rate is predicted to decrease by 5.7% from the previous month which was released 6.0%. If the data release is in accordance with the prediction, it is certain that US bond yields will also be pushed up, causing the US dollar currency to become stronger.

Gold Daily Analysis Prediction

Today's prediction on the EMAS pair is expected to continue its decline, and the recommended OP (Open Position) is SELL at the level of 1765.00, with a Target Profit (TP) of 5-10 points and a Stop Loss of 3-5 points. This the analysis of the gold daily on May 3, 2021 regarding Continuing to Prioritize Money Management and Risk Management. Visit GIC Indonesia to get information about the world of trading. You can also join us in the GIC Trade Telegram Community and GIC Trade Telegram Channel. Don't forget to check out the GIC Indonesia Youtube account which is full of a lot of information, and follow our Instagram account to get information about various interesting webinars that you can participate in.