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XAUUSD 4 HOUR CHART – CHINA STOPPED BUYING
As can be seen on this chart, XAUUSD tumbled afer news reports that China’s central bank didn’t buy any gold in May, ending a massive gold buying spree that had run for 18 months after the precious metal surged to a record high.
This leaves the market in a quandry after the breakout to the upside saw a quick retreat on the news.
For the risk to shift back to the downside and the 2314 bottom of the range, XAUUSD would need to stay below 2354.
XAUUSD 4 HOUR CHART – CHINA STOPPED BUYING
As can be seen on this chart, XAUUSD tumbled afer news reports that China’s central bank didn’t buy any gold in May, ending a massive gold buying spree that had run for 18 months after the precious metal surged to a record high.
This leaves the market in a quandry after the breakout to the upside saw a quick retreat on the news.
For the risk to shift back to the downside and the 2314 bottom of the range, XAUUSD would need to stay below 2354.
USDJPY 4 HOUR CHART – ON THE ROPES?
USDJPY following lower US yields and a generally weaker USD.
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This has USDJPY staying on the defensive as long as it trades below 156.49This sets the stage for a key Friday where the reaction to the US jobs report will dictate whether sub-155 can be established  for a more serious run to the downside.
NAS100 4 HOUR CHART -no reason to guess
As I have been noting there is noireason to guess at a top unless there is a reason to do so.
On this chart I pointed out a level that would need to be broken to signal a pause.
On the upside, the only resistance worth noting is the most recent set record high.
EURUSD DAILY CHART – 17 DAYS AND COUNTING
EURUSD has been trading with ony a few exceptions in a 1.08-1.09 range FOR 17 DAYS IN A ROW.
This pattern will not go on foreever and while this chart shows a risk for an eventual move higher, during this period trading the range has worked better than betting on breakouts.
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The focus now shifts to the US jobs report on Friday where markets will be hoping fpor a miss to continue to trends seen this week.
From Newsquawk
US JOBS REPORT (FRI): Analysts expect the pace of monthly payrolls to pick up a touch in May; the consensus expects 180k, according to Bloomberg, vs the prior 175k (vs the three- and six-month average of 242k, 12-month average of 234k)….
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