06 June Thursday View

Gold is consolidating within a channel 33387 (USD 1384.68) and 34326 (USD 1423.62), the 23.6 % and 32.8 % retracements. As stated earlier this week it seems it is focusing on more U.S. data for clues on stimulus (QE). Two of the key U.S. data eyed earlier this week were ISM Manufacturing PMI which came disappointing 49.0 than expected 50.6 which was even lower than the previous 50.7 ; the next is Non-farm Payroll figures due tomorrow, Friday. Investors are waiting for these data to figure out the Fed's decision on QE, about which there should be some clue in the Fed's next policy meeting later in June.

Until then unless some extreme catalyst comes into play, the price is expected to remain within the channel doing what it has been doing this whole week, just swinging back and forth. So, it sounds like just time for a small break.

This is the fundamental view for the price movement. If something comes up I surely will post technical view later on.

Trade Happy, Trade Safe. :)