A Quiet Week.
Its been a weird week, seeing a slow bear movement for Gold, falling around 20 Dollars since Mondays open. Yet we saw no huge fluctuations during the week to change the direction.
Monday just had the BOE Governor Mr Carney speaking, thus we didn't really see much effect on Gold because of this as his speech would only affect the Cable market, which has little influence on the precious metal. Therefore on Monday we saw very little movement with Gold, shifting around 2 dollars from open.
Tuesday was a volatile day, as Gold shifted quickly downwards, as a result of a strong upward rally for the USD/JPY market. Throughout the day we witnessed numerous results not of huge importance but many had results helping the US Dollar regain some of the lost ground it has seen for the last few weeks. Such as Canadian Whole Sales and New Zealand's GDT Price Index coming in quite under expected which allowed the Dollar to regain some value throughout the day. By the end of the day, we had seen a big drop in Gold, falling from $1344 at open to just under $1330 by close.
The rest of the week has seen only little movement for Gold, seemingly holding around the $1330 mark. Wednesday we did have the UK's Average Earnings Index, but it came in bang on forecast at 2.5%, and then we had the Inflation Report Hearing, causing volatility but no huge movement either way for Gold during Wednesday.
Thursday saw the release of the UK's Second Estimate GDP q/q, which was under forecast by only 0.1% at 0.4%. But the consequences were surprisingly small even though this only directly effects the cable market. Later there was the Canadian Core Retail Sales m/m, strongly negative at -1.8%, pretty fucking insane. But the consequences once again were surprisingly small, but also, we had the US Unemployment Claims, under forecast by 8k, helping push up the US Dollar further and dipping Gold however we saw a smaller hit than expected. By close we actually saw Gold rise from open a whole 2 dollars up to $1330!
Friday has the Canadian CPI results, coming in 0.3% above forecast at 0.7%. But apart from that there is nothing too extravagant happening today, looking as though Gold will hold out this week in the $1220-$1230 range.
The lack of strong directional movement this week isn't surprising, I didn't see much happening and it will be interesting to see what way it decides to shift next week!
Peace
The Naive Trader.
Forex Factory, 2018
IG.com,2018
Investing.com, 2018
Monday just had the BOE Governor Mr Carney speaking, thus we didn't really see much effect on Gold because of this as his speech would only affect the Cable market, which has little influence on the precious metal. Therefore on Monday we saw very little movement with Gold, shifting around 2 dollars from open.
Tuesday was a volatile day, as Gold shifted quickly downwards, as a result of a strong upward rally for the USD/JPY market. Throughout the day we witnessed numerous results not of huge importance but many had results helping the US Dollar regain some of the lost ground it has seen for the last few weeks. Such as Canadian Whole Sales and New Zealand's GDT Price Index coming in quite under expected which allowed the Dollar to regain some value throughout the day. By the end of the day, we had seen a big drop in Gold, falling from $1344 at open to just under $1330 by close.
The rest of the week has seen only little movement for Gold, seemingly holding around the $1330 mark. Wednesday we did have the UK's Average Earnings Index, but it came in bang on forecast at 2.5%, and then we had the Inflation Report Hearing, causing volatility but no huge movement either way for Gold during Wednesday.
Thursday saw the release of the UK's Second Estimate GDP q/q, which was under forecast by only 0.1% at 0.4%. But the consequences were surprisingly small even though this only directly effects the cable market. Later there was the Canadian Core Retail Sales m/m, strongly negative at -1.8%, pretty fucking insane. But the consequences once again were surprisingly small, but also, we had the US Unemployment Claims, under forecast by 8k, helping push up the US Dollar further and dipping Gold however we saw a smaller hit than expected. By close we actually saw Gold rise from open a whole 2 dollars up to $1330!
Friday has the Canadian CPI results, coming in 0.3% above forecast at 0.7%. But apart from that there is nothing too extravagant happening today, looking as though Gold will hold out this week in the $1220-$1230 range.
The lack of strong directional movement this week isn't surprising, I didn't see much happening and it will be interesting to see what way it decides to shift next week!
Peace
The Naive Trader.
Forex Factory, 2018
IG.com,2018
Investing.com, 2018
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