Is bitcoin effecting Gold?
The bear movement we have been seeing looks well and truly over, I am surprised by how much it has switched. Yet I don't see $1300 before Christmas, yet it is clear I see strong positive movement. This week has been fucking nuts, pardon my french but wtf happened to crypto. Honestly take a moment to observe the dip, mind-blowing, if you have invested in crypto good luck but this isn't surprising, is the hype eventually slowing but I do feel this dip could help shift Gold's rally further up as investors decide to move money elsewhere, so if this dip in crypto continues, and I don't know if it will continue we could see further rallies for Gold throughout the Christmas and New Year period. So this bull position is looking very positive, buy up people!!
Now to look over the past week, Monday indeed was fairly quiet, for releases, with Spot Gold opening at $1253. Yet we saw it only go up, moving above $1260, which I feel was mostly affected by the dip in the Dollar/Yen on Monday as data releases were minimal. Tuesday looked promising, continuing a bull trend until the US Building Permits release which came out above target by 30k which was strongly above forecast and we saw the same for US Housing Starts and their Current Account. This dipped the yellow metal, but nothing huge, which I was surprised by, but I feel this highlighted that $1260 was where Gold bottomed out and thus it closed on Tuesday just above at $1260.
Wednesday now, which didn't have many damaging data releases, yet we did see Mr Carney and Mr Trump speak, at about a 7 hour interval. This kept Gold volatile throughout the day, if you bought, fair play you have balls. Yet the effect on the direction was minimal, Gold closed a little higher than open at $1266. Highlighting the week-long bull trend which seemed to be becoming present.
The busiest day of the week seemed to be Thursday, and in terms of data release it should of been the most positive as CAD CPI m/m and Core Retail Sales m/m came in strongly above forecast but I feel it was counted by the upward movement in the USD/JPY in the morning period which was disappointing. However, not long after US Final GDP q/q was released and this was very much underwhelming, coming in at 3.2% but as the US market isn't open at that point I believe there was a lag period. Furthermore US Unemployment Claims came in way above forecast so this just should of affected the market, but for some reason it didn't, very odd to be honest But all we saw was Thursday closing very similar to open, opening and closing at $1266. I was very frustrated as to me I felt we should of seen some big movement, but anyway we move on!
Friday now and this is where we have actually seen some of the biggest movement of the week, opening at $1266 of course and I feel ine of the main directors of the day was the US Core Durable Goods Orders m/m, which came in 0.6% below forecast, a big hitter which was the same for Durable Goods orders m/m, way below forecast. Yet because of when the US markets open we see a lag period and at the moment Gold is trading a a beautiful little high position in the $1270's, something not seen for some time!!!!!!!!
This week has been interesting, I am surprised by how much bull movement we saw in the early part of the week because there wasn't much to move it. Thus highlighting how much just daily movement in the Dollar effects Gold. But this looks very good for the long-term bull into 2018.
Merry Christmas all!!
The Naive Trader.
IG.com, 2017
Forex Factory, 2017
Investing.com,2017
ZeroHedge, 2017
Now to look over the past week, Monday indeed was fairly quiet, for releases, with Spot Gold opening at $1253. Yet we saw it only go up, moving above $1260, which I feel was mostly affected by the dip in the Dollar/Yen on Monday as data releases were minimal. Tuesday looked promising, continuing a bull trend until the US Building Permits release which came out above target by 30k which was strongly above forecast and we saw the same for US Housing Starts and their Current Account. This dipped the yellow metal, but nothing huge, which I was surprised by, but I feel this highlighted that $1260 was where Gold bottomed out and thus it closed on Tuesday just above at $1260.
Wednesday now, which didn't have many damaging data releases, yet we did see Mr Carney and Mr Trump speak, at about a 7 hour interval. This kept Gold volatile throughout the day, if you bought, fair play you have balls. Yet the effect on the direction was minimal, Gold closed a little higher than open at $1266. Highlighting the week-long bull trend which seemed to be becoming present.
The busiest day of the week seemed to be Thursday, and in terms of data release it should of been the most positive as CAD CPI m/m and Core Retail Sales m/m came in strongly above forecast but I feel it was counted by the upward movement in the USD/JPY in the morning period which was disappointing. However, not long after US Final GDP q/q was released and this was very much underwhelming, coming in at 3.2% but as the US market isn't open at that point I believe there was a lag period. Furthermore US Unemployment Claims came in way above forecast so this just should of affected the market, but for some reason it didn't, very odd to be honest But all we saw was Thursday closing very similar to open, opening and closing at $1266. I was very frustrated as to me I felt we should of seen some big movement, but anyway we move on!
Friday now and this is where we have actually seen some of the biggest movement of the week, opening at $1266 of course and I feel ine of the main directors of the day was the US Core Durable Goods Orders m/m, which came in 0.6% below forecast, a big hitter which was the same for Durable Goods orders m/m, way below forecast. Yet because of when the US markets open we see a lag period and at the moment Gold is trading a a beautiful little high position in the $1270's, something not seen for some time!!!!!!!!
This week has been interesting, I am surprised by how much bull movement we saw in the early part of the week because there wasn't much to move it. Thus highlighting how much just daily movement in the Dollar effects Gold. But this looks very good for the long-term bull into 2018.
Merry Christmas all!!
The Naive Trader.
IG.com, 2017
Forex Factory, 2017
Investing.com,2017
ZeroHedge, 2017
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