Thursday + Friday

Thursday we have two important early morning data releases, thus I won't be able to actually see it but I am interested to see what happens. First we have New Zealands ANZ Business Confidence, which just breaks down the level of confidence businesses have within the economy. Last month showed a very negative outlook with the result being -10.1, showing belief of a negative direction within the economy. So depending on how this and the Australian Private Capital Expenditure results look, which comes out an hour after we might see gains in Gold. The AUD data is looking positive, forecast showing growth from last quarter. So maybe after Wednesday potentially negative day this might help push Gold up again into a Bull trend. 

Later on we have the European CPI Flash Estimate yearly result. which is looking slightly above the previous year with forecast of 1.6%, 0.2% above last year(Forex Factory, 2017). This might put downward pressure on the dollar, helping continue the trend we might see after the mornings early release. At the same time, there is the European unemployment Rate and its looking to be holding steady at 8.9%, this inclusion is more personal interest than actual effect. So it might do little effect to the rate of Euro. Lastly the US release their weekly Unemployment Claims, with forecast of 241k(Forex Factory, 2017), which is 2k above last week. This is small but as forecast is above last week the effect might help dip the dollar and thus push up Gold further.

Now onto Friday, we have a quieter day but still some interesting releases. Firstly there is British Manufacturing PMI m/m, forecast showing very little movement, like last month it is positive and above last month but only by 0.3, thus there might only be little effects within the markets. Next we have the Canadian Employment Change, GDP m/m and their Unemployment Rate which are released at the same time. None of the forecasts are online at the moment so the effect is completely unknown, very helpful I know. So there isn't much to say apart from its an important release of data. Completing the week, we have the US ISM Manufacturing Index, expected to be below previous month but only just. 

This week is interesting, Wednesday I reckon will be the most negative day for Gold but I don't reckon it will damage the Bull trend we are seeing at the moment. This is because Us data release this week isn't very positive and as the US market is the biggest factor is directing the Gold market I reckon we will see a continue in the Bullish trend holding throughout the week and as stated in the last article stated I would be very surprised if $1300 isn't hit.

The Naive Trader