Mr Bull + Thanksgiving
This week so far has been very positive for Bull Traders, after last weeks pretty depressing decline I feel like this Bull trend will continue into next week hopefully.
Monday was pretty unexciting to be honest, nothing very extravagant in regards to actual data release but we saw big movement in the price of Gold. The yellow metal fell from a high of just over $1291 to $1276, before holding and then closing just under $1280. There was uncertainly in regards to US tax reforms which led to a strong rally in Monday afternoon for the USD/JPY, and thus Gold went the opposite way, nothing really else explains the odd movement. Mondays from my (lack of) experience seem to always be very volatile, and thus predicting the markets movement on that day does always seem to baffle me for the moment!
Anyway, onward and upwards, Tuesday was interesting, the morning made it look as though Gold was going to boost back up. The Monthly Australian Monetary Policy took place in the early hours of the morning, I wasn't surprised with the effect, little but it was worth mentioning just because an upset etc. could of led to shifts we wouldn't of originally thought possible. So Gold looked stable, but neither picking up or down, it moved from $1278 up to $1280 until about 11am before the UK Inflation Report Hearing. The volatility was to be expected, but due to bad results from the hearing, Gold dipped and so did the cable as expected, falling fast and the just after lunch hitting $1276. This looked scary, I was thinking maybe there was a long term Bear trend I completely misjudged for the week.
But just around/after 2pm, Gold experienced a big surge, moving from $1276 up to $1281 before holding. It dipped a little after the release of the US Existing Homes Sales. But closed on a somewhat positive and hopeful note just around $1281.
Wednesday was probably the most exciting day of the week, we saw a beautiful Bull trend. Nothing really slowed Gold, just a nice long upward gain. In the morning Gold has been picking up, from $1279 to $1283, which was already pretty decent. But after the UK's Autumn Forecast state which wasn't terrible it gave hope to the Cable, which was emphasised by the rally we saw. Furthermore the US released their Core Durable Goods Order, Unemployment Claims and Durable Goods Orders. I wasn't actually going to watch the last one because its not that important. Core Durable Goods hit target while Unemployment Claims were better than expected yet only by 2k and thus little movement was seen. However the Durable Goods Order was quite far under forecast(in a bad way), 1.6% below forecast at -1.2%(Forex Factory, 2017). This helped dip the Dollar a little and forced Gold to continue its Bull Trend.
This Bull trend as stated above continued for quite some time, hitting $1293!!!!! Pretty fucking cool, showing how mad Wednesday and then to finish of that day, the Fed meeting adder further positive news, saying that there is potential for a hike in interest rates in the future. This helped push the Dollar down and Gold continued it Bull trend which led it to hit $1293 as stated above. Yet this rally kinda died after that and closed on Wednesday at about $1290.
Thursday has been pretty chill, as it a holiday (Thanksgiving) in America and thus their market never opened so the data releases didn't lead to any big shifts as the American market is the biggest in the world. Basically Thursday is flat as fuck so yer nothing really to say. The UK had their GDP second estimate which was bang on forecast at 0.4%(Forex Factory, 2017). While the Canadian released their Core Retail Sales, which were below forecast at 0.3%, compared to the 0.9% that was expected. But after opening at 1290$ there is little movement today, currently Gold is sitting at $1291 with little big fluctuations. Tomorrow is lacking any excitement sadly, so the week close should be close to what we are experiencing now. But I don't know if because of the close today in the US market it will mean today's data release will be shown in tomorrows buying once the US market opens. Therefore tomorrow might actually be a very volatile day even with the lack of data release just because of the knock-on effects.
The Naive Trader.
Monday was pretty unexciting to be honest, nothing very extravagant in regards to actual data release but we saw big movement in the price of Gold. The yellow metal fell from a high of just over $1291 to $1276, before holding and then closing just under $1280. There was uncertainly in regards to US tax reforms which led to a strong rally in Monday afternoon for the USD/JPY, and thus Gold went the opposite way, nothing really else explains the odd movement. Mondays from my (lack of) experience seem to always be very volatile, and thus predicting the markets movement on that day does always seem to baffle me for the moment!
Anyway, onward and upwards, Tuesday was interesting, the morning made it look as though Gold was going to boost back up. The Monthly Australian Monetary Policy took place in the early hours of the morning, I wasn't surprised with the effect, little but it was worth mentioning just because an upset etc. could of led to shifts we wouldn't of originally thought possible. So Gold looked stable, but neither picking up or down, it moved from $1278 up to $1280 until about 11am before the UK Inflation Report Hearing. The volatility was to be expected, but due to bad results from the hearing, Gold dipped and so did the cable as expected, falling fast and the just after lunch hitting $1276. This looked scary, I was thinking maybe there was a long term Bear trend I completely misjudged for the week.
But just around/after 2pm, Gold experienced a big surge, moving from $1276 up to $1281 before holding. It dipped a little after the release of the US Existing Homes Sales. But closed on a somewhat positive and hopeful note just around $1281.
Wednesday was probably the most exciting day of the week, we saw a beautiful Bull trend. Nothing really slowed Gold, just a nice long upward gain. In the morning Gold has been picking up, from $1279 to $1283, which was already pretty decent. But after the UK's Autumn Forecast state which wasn't terrible it gave hope to the Cable, which was emphasised by the rally we saw. Furthermore the US released their Core Durable Goods Order, Unemployment Claims and Durable Goods Orders. I wasn't actually going to watch the last one because its not that important. Core Durable Goods hit target while Unemployment Claims were better than expected yet only by 2k and thus little movement was seen. However the Durable Goods Order was quite far under forecast(in a bad way), 1.6% below forecast at -1.2%(Forex Factory, 2017). This helped dip the Dollar a little and forced Gold to continue its Bull Trend.
This Bull trend as stated above continued for quite some time, hitting $1293!!!!! Pretty fucking cool, showing how mad Wednesday and then to finish of that day, the Fed meeting adder further positive news, saying that there is potential for a hike in interest rates in the future. This helped push the Dollar down and Gold continued it Bull trend which led it to hit $1293 as stated above. Yet this rally kinda died after that and closed on Wednesday at about $1290.
Thursday has been pretty chill, as it a holiday (Thanksgiving) in America and thus their market never opened so the data releases didn't lead to any big shifts as the American market is the biggest in the world. Basically Thursday is flat as fuck so yer nothing really to say. The UK had their GDP second estimate which was bang on forecast at 0.4%(Forex Factory, 2017). While the Canadian released their Core Retail Sales, which were below forecast at 0.3%, compared to the 0.9% that was expected. But after opening at 1290$ there is little movement today, currently Gold is sitting at $1291 with little big fluctuations. Tomorrow is lacking any excitement sadly, so the week close should be close to what we are experiencing now. But I don't know if because of the close today in the US market it will mean today's data release will be shown in tomorrows buying once the US market opens. Therefore tomorrow might actually be a very volatile day even with the lack of data release just because of the knock-on effects.
The Naive Trader.
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