Eventually $1300!
I hope everyone had a good Christmas and enjoyed their time away with the family and eating a shit ton of food! But back now to comparing the weeks antics, this week has been very positive for Gold as expected, thus highlighting that a lack of data release doesn't mean nothing will happen within the respected markets. It seems the main variable this week has been the slow decline of the Dollar. Which has been holding a bear position for the last few days.
Tuesday was a fairly quiet day with all the big news coming from the Asian markets. Japan had numerous influential data releases: Unemployment stats and House Holding Spending. The actual results seen were very positive for the Japanese economy. All data releases coming in better than forecasts which helped produce a steady dip the Dollar throughout Tuesday afternoon trading. Therefore throughout Tuesday Gold continued on a nice steady upward trend seen last week, with spot levels moving from $1273 up to $1282 by close.
We saw probably the biggest effect to the Dollar this week on Wednesday, the US released their CB Consumer Confidence result which came in way under forecast by 6 index points, which is surprising as normally forecasts are half a point off at max. Therefore this result did significant damage to the Dollar and helped further lift Gold Spot prices to levels not seen for a couple of weeks now, by close we saw Spot levels hit $1288 before retreating back just below this level.
Today is Thursday and this Bull we are experiencing is holding no prisoners. Gold looks well on its way up to $1300 soon enough yet it really depends specifically how well US Unemployment Claims perform. Forecast is showing a decline from last weeks 245k at 240k so if this level is hit it will dip Gold for sure yet for long I don't know. Of writing this Gold is sitting at around the $1290 mark and it will be interesting to see if data releases not going in favour are going to inhibit any ability of numbers above $1300 being hit.
I believe it is only a matter of time before we see this and now it seems my thoughts about the spot level were 2 weeks too early and with the bull power and dipping dollar it is only time before numbers above $1300 are being hit.
The Naive Trader
Forex Factory, 2017
IG.com, 2017
Investing.com, 2017
Trade.com, 2017
Zerohedge.com, 2017
Tuesday was a fairly quiet day with all the big news coming from the Asian markets. Japan had numerous influential data releases: Unemployment stats and House Holding Spending. The actual results seen were very positive for the Japanese economy. All data releases coming in better than forecasts which helped produce a steady dip the Dollar throughout Tuesday afternoon trading. Therefore throughout Tuesday Gold continued on a nice steady upward trend seen last week, with spot levels moving from $1273 up to $1282 by close.
We saw probably the biggest effect to the Dollar this week on Wednesday, the US released their CB Consumer Confidence result which came in way under forecast by 6 index points, which is surprising as normally forecasts are half a point off at max. Therefore this result did significant damage to the Dollar and helped further lift Gold Spot prices to levels not seen for a couple of weeks now, by close we saw Spot levels hit $1288 before retreating back just below this level.
Today is Thursday and this Bull we are experiencing is holding no prisoners. Gold looks well on its way up to $1300 soon enough yet it really depends specifically how well US Unemployment Claims perform. Forecast is showing a decline from last weeks 245k at 240k so if this level is hit it will dip Gold for sure yet for long I don't know. Of writing this Gold is sitting at around the $1290 mark and it will be interesting to see if data releases not going in favour are going to inhibit any ability of numbers above $1300 being hit.
I believe it is only a matter of time before we see this and now it seems my thoughts about the spot level were 2 weeks too early and with the bull power and dipping dollar it is only time before numbers above $1300 are being hit.
The Naive Trader
Forex Factory, 2017
IG.com, 2017
Investing.com, 2017
Trade.com, 2017
Zerohedge.com, 2017
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