Yataki Takaki "Weekly Gold Market Outlook" June 5, 2023 issue

Mr. Takamori Kikuchi, President and CEO of Investment Daily News Co., Ltd., and a master of cycle analysis,

is the author of this weekly gold market outlook report.

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Last week’s employment statistics showed nonfarm payrolls up 339,000 from the previous month, well above market expectations (190,000), while the unemployment rate worsened by 0.3 points to 3.7%. However, regarding monetary policy at the June FOMC, market expectations had priced in a near 80% chance of holding rates steady, but immediately after the employment release the probability fell to 68%. Consequently, the yield on the 10-year Treasuries rose.

On the other hand, as wage growth slowed, some think there is still material for the Fed to hold off on rate hikes at this month’s policy meeting.

But since gold had almost priced in a pause for rate hikes, the strong employment data this time caused somewhat of a disappointment in price action. The near-month contract settled down $25.90 from the previous day at $1,969.60, but from the previous week it was up $25.30 to $1,969.60, with intraday highs briefly touching the $2,000 level.

For more, please see the PDF file.

【Takashi Kikuchi – Profile】

Graduated from Kwansei Gakuin University, Faculty of Economics. In 1995, partnered with the world-renowned U.S. market analyst, Raymond Merriman, and published the domestic market cycle and astrology reports for the first time. Renowned for analysis that leverages cycles and astrology. President and CEO of Investment Daily News Co., Ltd.; President and CEO of Investment Daily News Publishing Co., Ltd.; Director of Wakabayashi FX Associates Co., Ltd.; Member of the Japanese Technical Analysts Association; Editor-in-Chief of Investment Daily News Alpha.

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