First weekly fall, Dollar gaining?
On Monday we focused on the US Core Retail Sales and the Retail Sales which were both very volatile and could of potentially influenced the forex and commodities significantly. The Retail Sales came in quite above expected by 0.4% at 0.6%. This surprisingly didn't effect Gold too heavily with the precious metal actually gaining throughout the day by $4 and closing at $1347.
Tuesday saw little directional change throughout the day there were numerous releases which could of caused chaos. Gold did in fact shift yet the change was quickly absorbed as it rebounded to $1 above open at close. The US Building Permits result came in above forecast at 1.35mil yet again this consequence was minimal on the Gold market with continuing tensions surrounding America and everyone else building helping hold the precious metal near recent weeks highs. By close Gold was holding back at the $1344 mark after a shift of $10 throughout the turbulent day.
On Wednesday Gold gained further as the Fed's Reference decision looms, creating uncertainty within the market. Yet apart from this the day was pretty subdued, we had the Fed members speaking but the consequences were limited. This allowed the precious metal to gain, hitting the $1350 mark at close on Wednesday.
But Thursday and Friday saw quite a stumble for the yellow metal, after gaining throughout the week set backs came into play as the Dollar began to regain further value. The quick fall was as a result of of one main factor outside data releases. Easing geo-politcal tensions helped reduce any further progress in the precious metal and thus we saw greater confidence in the Dollar. By Fridays close gold had backtracked substantially, falling from $1350 all the way to $1336.
It has been an interesting week as Gold for the first time in the last couple of week has fallen instead of gaining throughout the week. It is interesting to see the lack of change, I believe we may have hit a high for the precious metal, this is mainly based on the US Dollar beginning quite a powerful gain as geo-political tensions decline.
Peace.
The Naive Trader.
Forex Factory, 2018
IG.com, 2018.
Investing.com, 2018
Tuesday saw little directional change throughout the day there were numerous releases which could of caused chaos. Gold did in fact shift yet the change was quickly absorbed as it rebounded to $1 above open at close. The US Building Permits result came in above forecast at 1.35mil yet again this consequence was minimal on the Gold market with continuing tensions surrounding America and everyone else building helping hold the precious metal near recent weeks highs. By close Gold was holding back at the $1344 mark after a shift of $10 throughout the turbulent day.
On Wednesday Gold gained further as the Fed's Reference decision looms, creating uncertainty within the market. Yet apart from this the day was pretty subdued, we had the Fed members speaking but the consequences were limited. This allowed the precious metal to gain, hitting the $1350 mark at close on Wednesday.
But Thursday and Friday saw quite a stumble for the yellow metal, after gaining throughout the week set backs came into play as the Dollar began to regain further value. The quick fall was as a result of of one main factor outside data releases. Easing geo-politcal tensions helped reduce any further progress in the precious metal and thus we saw greater confidence in the Dollar. By Fridays close gold had backtracked substantially, falling from $1350 all the way to $1336.
It has been an interesting week as Gold for the first time in the last couple of week has fallen instead of gaining throughout the week. It is interesting to see the lack of change, I believe we may have hit a high for the precious metal, this is mainly based on the US Dollar beginning quite a powerful gain as geo-political tensions decline.
Peace.
The Naive Trader.
Forex Factory, 2018
IG.com, 2018.
Investing.com, 2018
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