Gold prices predictions june 2 2011

Gold prices predictions june 2 2011 : Gold prices rose on Wednesday after the disappointing data from the U.S. labor and manufacturing sectors, which signaled economic growth could be weakening in the United States, where the ADP employment report showed private employers added only 38,000 jobs, well below the expected 175,000 added jobs, and the ISM manufacturing eased in May below expectations as well, which spread concerns among investors as they headed for safety havens including gold.

Attention now will shift in financial markets towards Friday’s infamous jobs report, which is expected to show employers in the United States continued to add jobs, but the ADP data casted huge doubts over the health of the U.S. labor market, and further economic weakness could push investors to buy gold, which will lead gold prices to rise further.

Thursday June 02:
We do not have any major fundamentals from the euro area on Thursday while the US economy is to release its unit labor costs (1Q) at 12:30 GMT, where the final reading is expected to increase by 0.8% from the previous of 1.0%. While the non-farm productivity for the first quarter is expected to increase by 1.8% compare the previous reading of 1.6%.

At 12:30 GMT, U.S economy will issue its weekly initial claims, where the number of people filing for first-time claims for the state unemployment after they unexpectedly rose by 424 thousand last week.

The factory orders index for April is to be published at 14:00 GMT, and it's expected to come at 0.3% down from the previous 3.0%.

At 15:00 GMT, the EIA report for crude oil inventories will be released for the week ending May 27, where last week crude oil inventories increased by 0.6 million barrels. source www.technicalanalysischarting.com...

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