US Sanction and 'War'
Christmas week is as expected looking very quiet as markets throughout the world are closed for the few days surrounding the holiday yet I see the next week being a nice slow positive progression for the Gold market.
Monday has nothing of course as its Christmas day, thus all markets are suspended, Tuesday's focus is on the Asian Markets, yet there is just the Governor of the Bank of Japan speaking which is looking to have any effect. with explanation about the future direction of their Interest Rates and Monetary policy being hinted at. Therefore this period might be fairly volatile yet the effect on the Gold market I believe shall be minimal.
Wednesday is a little bit busier, we have the US Consumer Confidence m/m and US Pending Home Sales. Both forecasts are showing a decline from the previous month, we are seeing a potentially big dip Pending Home Sales, down from 3.5% last month to -0.4% for this month passed. Yet Pending Home Sales aren't that effective on the Dollar direction yet if we see this big a dip maybe the Dollar will dip more than expected and thus will help lift Gold further away from the bottom out position around $1260 we have been seeing.
US Unemployment Claims weekly are released on Thursday, which is forecast to be down from last week by 5k at 241k. So maybe we will see a little dip in Gold during the middle of Thursday and when the US markets open. Yet I doubt the effect will be strong enough to dip the bullish trend. Friday is similar to Monday and it there is nothing of interest taking place.
However, the extension of UN sanctions on North Korea are building tensions with 'War' being constantly thrown about. This will of course create some instability in the Forex markets when they open next week, thus Gold should continue to rally even before Data Releases take place throughout the week. Anyway, have a brilliant Christmas all and happy trading!
The Naive Trader
Zerohedge.com, 2017
Forex Factory, 2017
Monday has nothing of course as its Christmas day, thus all markets are suspended, Tuesday's focus is on the Asian Markets, yet there is just the Governor of the Bank of Japan speaking which is looking to have any effect. with explanation about the future direction of their Interest Rates and Monetary policy being hinted at. Therefore this period might be fairly volatile yet the effect on the Gold market I believe shall be minimal.
Wednesday is a little bit busier, we have the US Consumer Confidence m/m and US Pending Home Sales. Both forecasts are showing a decline from the previous month, we are seeing a potentially big dip Pending Home Sales, down from 3.5% last month to -0.4% for this month passed. Yet Pending Home Sales aren't that effective on the Dollar direction yet if we see this big a dip maybe the Dollar will dip more than expected and thus will help lift Gold further away from the bottom out position around $1260 we have been seeing.
US Unemployment Claims weekly are released on Thursday, which is forecast to be down from last week by 5k at 241k. So maybe we will see a little dip in Gold during the middle of Thursday and when the US markets open. Yet I doubt the effect will be strong enough to dip the bullish trend. Friday is similar to Monday and it there is nothing of interest taking place.
However, the extension of UN sanctions on North Korea are building tensions with 'War' being constantly thrown about. This will of course create some instability in the Forex markets when they open next week, thus Gold should continue to rally even before Data Releases take place throughout the week. Anyway, have a brilliant Christmas all and happy trading!
The Naive Trader
Zerohedge.com, 2017
Forex Factory, 2017
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