Another unpredictable Friday
Thursday and Friday of last week didn't have that much release of interest however there was huge movement. Thursday saw the weekly US unemployment Claims data, which was above forecast by 7k at 239k, this was quite surprising and didn't do anything to drastic to Gold but did help continue the Bullish trend I believed would hold for Thursday and Friday. Levels of 1288$ against the dollar were met near Thursday close and thus I reckoned this could help continue the shift upwards. But I was pretty wrong.
Friday saw a strong downward trend, kinda destroying all the rally that had been taking place for the last few days. Britain's Manufacturing Production m/m was above forecast at 0.7% compared to 0.3% expected while US Prelim UoM Consumer Sentiment was below forecast, showing a decline in growth, with actual being 97.8 compared to 100.8 for forecast(Forex Factory, 2017). This helped shift the cable up however the main factor which caused about a $10 dip in price was from the World Gold Council explaining that Gold demand had slipped 9% in the 3rd quarter of 2017(Investing.com, 2017). These 3 factors put together meant when the US market opened it caused a huge dip which is only now starting to recover which meant Friday closed at quite a disappointing position of somewhere within the 1275$ region.
I shall update later today what I believe could be happening this week.
Friday saw a strong downward trend, kinda destroying all the rally that had been taking place for the last few days. Britain's Manufacturing Production m/m was above forecast at 0.7% compared to 0.3% expected while US Prelim UoM Consumer Sentiment was below forecast, showing a decline in growth, with actual being 97.8 compared to 100.8 for forecast(Forex Factory, 2017). This helped shift the cable up however the main factor which caused about a $10 dip in price was from the World Gold Council explaining that Gold demand had slipped 9% in the 3rd quarter of 2017(Investing.com, 2017). These 3 factors put together meant when the US market opened it caused a huge dip which is only now starting to recover which meant Friday closed at quite a disappointing position of somewhere within the 1275$ region.
I shall update later today what I believe could be happening this week.
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