Moving in 2018!
The week just finished has been magical for Gold, I am so impressed by how quickly it hit $1300 and continued to rally upwards before holding just below $1305 on Friday's close. I reckon this coming week should only continue to strengthen Spot Gold's Position as the Green back's dip is holding.
Monday is a day of relaxation as it is a bank holiday throughout World Markets. Yet Tuesday could be a fascinating day as Markets open for the 1st time in 2018, however there are no data releases within the US market and our only potentially effect in data release comes in the UK where they have their Manufacturing PMI, forecast is looking very similar to last month and thus during this time I doubt we shall see much movement if forecast is hit. But Tuesday could be a volatile day just because its the first day of the new year with markets open and investors may be eager to shift bets between different markets!
Midweek we see the first US data release of 2018, with the ISM Manufacturing PMI and Construction Spending m/m. Yet we are seeing quite a potentially big dip in Construction Spending and thus the Dollar may dip against the Yen and in the Cable market but how far depends on how far actual results vary from forecasts. Furthermore we have the UK's monthly Construction PMI which is showing very little shift from the previous month and it is still positive and 0.1 above last month. This might help continue the Bull trend that is being witnessed and then when the US data is released later in the day, we could further see Gold shift higher, to continue the 'biggest one-year rise in seven years' seen in 2017.
Thursday is showing a few releases which could lead to a very volatile day and potentially change the bull trend I feel we should see during Tuesday and Wednesday. In the morning the UK have their Services PMI monthly results but this effect on the Cable is no where near as effective on the Green Back as a data release affecting the USD/JPY market. But as always if unexpected results are seen we may seen heavy shifts either way in the Gold market. In the Afternoon we have US ADP Non-Farm Employment Change which is showing a forecast of an increase of 2k from last month, which if hit will at least dip the Gold Market if not potentially cause a short downward rally however it depends how far actual is from forecast. Yet later we have the weekly US unemployment Claims which are always a big mover in the weekly direction of the Dollar and thus the Gold market. There is a forecast showing a 1k decline which is small but can never be underestimated, and therefore if both of these two releases hit forecast we should see a short retreat in the Gold market but I don't believe it will hold because there are so many current outside political factors causes investors to shift funds away from the Dollar and into Gold.
The last day of the week like Thursday has a busy set of releases in the US which again will at least create a very volatile afternoon. We have the US: Average Hourly Earnings, Non-Farm Employment Change and the Unemployment Rate which are all released at the same time. This will be busy but also Canada are releasing their: Employment Change, Trade Balance and Unemployment during the same period. The market will be fascinating to watch, I think we should be seeing a further dip in the Green Back as the USD/CAD is a major and the results show good growth in the Canadian market and the US figures are looking woe-some is comparison yet it does always depend on the actual running somewhat similar to forecasts. So Friday could be further positive news for bulls in the Gold market with a rally continuing but these levels above $1300 are fairly unknown waters of recent times and so the level of further progress shall be interesting.
Have a great week and new years, 2018 will be another busy and volatile year for all markets worldwide!
The Naive Trader
Investing.com, 2017
Forex Factory, 2017
Trade.com, 2017
Monday is a day of relaxation as it is a bank holiday throughout World Markets. Yet Tuesday could be a fascinating day as Markets open for the 1st time in 2018, however there are no data releases within the US market and our only potentially effect in data release comes in the UK where they have their Manufacturing PMI, forecast is looking very similar to last month and thus during this time I doubt we shall see much movement if forecast is hit. But Tuesday could be a volatile day just because its the first day of the new year with markets open and investors may be eager to shift bets between different markets!
Midweek we see the first US data release of 2018, with the ISM Manufacturing PMI and Construction Spending m/m. Yet we are seeing quite a potentially big dip in Construction Spending and thus the Dollar may dip against the Yen and in the Cable market but how far depends on how far actual results vary from forecasts. Furthermore we have the UK's monthly Construction PMI which is showing very little shift from the previous month and it is still positive and 0.1 above last month. This might help continue the Bull trend that is being witnessed and then when the US data is released later in the day, we could further see Gold shift higher, to continue the 'biggest one-year rise in seven years' seen in 2017.
Thursday is showing a few releases which could lead to a very volatile day and potentially change the bull trend I feel we should see during Tuesday and Wednesday. In the morning the UK have their Services PMI monthly results but this effect on the Cable is no where near as effective on the Green Back as a data release affecting the USD/JPY market. But as always if unexpected results are seen we may seen heavy shifts either way in the Gold market. In the Afternoon we have US ADP Non-Farm Employment Change which is showing a forecast of an increase of 2k from last month, which if hit will at least dip the Gold Market if not potentially cause a short downward rally however it depends how far actual is from forecast. Yet later we have the weekly US unemployment Claims which are always a big mover in the weekly direction of the Dollar and thus the Gold market. There is a forecast showing a 1k decline which is small but can never be underestimated, and therefore if both of these two releases hit forecast we should see a short retreat in the Gold market but I don't believe it will hold because there are so many current outside political factors causes investors to shift funds away from the Dollar and into Gold.
The last day of the week like Thursday has a busy set of releases in the US which again will at least create a very volatile afternoon. We have the US: Average Hourly Earnings, Non-Farm Employment Change and the Unemployment Rate which are all released at the same time. This will be busy but also Canada are releasing their: Employment Change, Trade Balance and Unemployment during the same period. The market will be fascinating to watch, I think we should be seeing a further dip in the Green Back as the USD/CAD is a major and the results show good growth in the Canadian market and the US figures are looking woe-some is comparison yet it does always depend on the actual running somewhat similar to forecasts. So Friday could be further positive news for bulls in the Gold market with a rally continuing but these levels above $1300 are fairly unknown waters of recent times and so the level of further progress shall be interesting.
Have a great week and new years, 2018 will be another busy and volatile year for all markets worldwide!
The Naive Trader
Investing.com, 2017
Forex Factory, 2017
Trade.com, 2017
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