Closing up for Christmas!
Once again, apologies for the late article, I finished my final exam for the term today and thus my attention has been elsewhere. This week is looking quieter as we run into Christmas, yet Gold prices look to have recovered and are driving towards $1300. Now of writing, sport gold is holding above $1260, how exciting I know!
But anyway, Monday was a quiet day with nothing of interest taking place, today, Tuesday we see the release of US Building Permits m/m, with forecast showing a decline from previous month which is good for the yellow metal, as this should mean the dollar will decline a little yet as always it does depend on how down the actual is compared from previous month. Maybe this will mean we will see a further rally in spot Gold levels today closing high hopefully!
Wednesday again is very quiet, we just see Mr Carney speaking in the middle of the day and thus the market as always will be volatile around this period, yet it is only the Financial Stability report and therefore I doubt the effect will be big, so maybe Wednesday will lack any big movement. But later in the day we have US Existing Home Sales, showing a forecast above last month so maybe this will see a dip in Gold in the evening tomorrow yet as always it does depend how far off of of the forecast the actual result is.
Fourth day of the week, and it is busier but not by much! CAD release their CPI m/m result and Core Retail Sales m/m. These are both showing a growth from the previous month and thus if the result is either on forecast or above we should see another dip in the Dollar and a further rally in Gold. Later on there is the US Final GDP q/q, which looks to be on forecast as the same as the previous quarter, so hopefully if this is on target the effect on the Gold should be limited and just like Wednesday we might see a small dip in the evening soon after these are released.
Then Friday, the final day before we move into Christmas, we have the UK Current Account results in the morning period. I highly doubt this will have much effect, we are expecting a deficit and thus any deficit will dip the pound so I don't see the morning period being too good for Gold actually. In the early afternoon we have the Canadian GDP m/m which is forecast to hold from last month, but at a similar time we see US COre Durable Goods Orders m/m, and this is showing a forecast below last month by .4%, which is fairly significant. If this is hit we see highs of Gold on Friday, maybe above $1270?????
That rounds of the week, there will be nothing till middle next week because of the Christmas period, hopefully Golds dreadful open to December has really been held and now we will see a steady rally into 2018 up to $1300, who knows.
The Naive Trader
IG.com, 2017
Investing.com, 2017
Forex Factory, 2017
But anyway, Monday was a quiet day with nothing of interest taking place, today, Tuesday we see the release of US Building Permits m/m, with forecast showing a decline from previous month which is good for the yellow metal, as this should mean the dollar will decline a little yet as always it does depend on how down the actual is compared from previous month. Maybe this will mean we will see a further rally in spot Gold levels today closing high hopefully!
Wednesday again is very quiet, we just see Mr Carney speaking in the middle of the day and thus the market as always will be volatile around this period, yet it is only the Financial Stability report and therefore I doubt the effect will be big, so maybe Wednesday will lack any big movement. But later in the day we have US Existing Home Sales, showing a forecast above last month so maybe this will see a dip in Gold in the evening tomorrow yet as always it does depend how far off of of the forecast the actual result is.
Fourth day of the week, and it is busier but not by much! CAD release their CPI m/m result and Core Retail Sales m/m. These are both showing a growth from the previous month and thus if the result is either on forecast or above we should see another dip in the Dollar and a further rally in Gold. Later on there is the US Final GDP q/q, which looks to be on forecast as the same as the previous quarter, so hopefully if this is on target the effect on the Gold should be limited and just like Wednesday we might see a small dip in the evening soon after these are released.
Then Friday, the final day before we move into Christmas, we have the UK Current Account results in the morning period. I highly doubt this will have much effect, we are expecting a deficit and thus any deficit will dip the pound so I don't see the morning period being too good for Gold actually. In the early afternoon we have the Canadian GDP m/m which is forecast to hold from last month, but at a similar time we see US COre Durable Goods Orders m/m, and this is showing a forecast below last month by .4%, which is fairly significant. If this is hit we see highs of Gold on Friday, maybe above $1270?????
That rounds of the week, there will be nothing till middle next week because of the Christmas period, hopefully Golds dreadful open to December has really been held and now we will see a steady rally into 2018 up to $1300, who knows.
The Naive Trader
IG.com, 2017
Investing.com, 2017
Forex Factory, 2017
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