Trumps beef.
This week has been filled with Geo-Political tensions resulting in huge volatility throughout the week, and making much of the data releases almost irrelevant on certain days as statements made by the main man himself Mr Trump cause chaos.
Monday was quiet as expected, there were only two releases worth watching which was the Canadian Business Outlook Survey and the UK's Halifax HPI m/m. The Canadian result had little influence on the market but Halifax's HPI was pretty different, much stronger than expected, coming in at 1.5%. But this really didn't do much too the market, I was actually surprised by this, but it really does show how small an impact the cable actually has on the Gold market. By close on Monday we saw a $3 rise from open, closing at $1336.
We did actually have one big event Tuesday, which was the US's PPI m/m and there was also their Core PPI which was worth watching. The PPI came in above forecast by 0.2%, which is high, but because of Mr Trump we had a dramatic opposite directional move for Gold on Tuesday compared to what should be expected. This was caused by geo-political issues surrounding Syria and also with with ongoing tensions between the US and Russia seeming to rise, this in turn gave Gold opportunity to rise throughout the day. This meant we saw a $6 gain in the precious metal throughout the day, closing at $1340.
Wednesday's rise was really only little to do with releases, with the negative result from the US's CPI m/m just aiding the progress witnessed throughout the day. We saw further debates surrounding the US in regards to potential military strikes in Syria, then to add gas to the flames, Trump started going for Russia on twitter, telling them to 'be ready'. This was all based around the potential military intervention in Syria, pretty insane. This as expected created chaos in the markets, we saw the precious metal rising to a week high of $1365, rising almost $25!!!!!!! But these gains were reduced in the afternoon period as the Dollar began to recover, by closing the yellow metal was still up $10 from open at $1351 but about $14 below the day and weeks high.
Thursday saw the retreat from Wednesday afternoon continue, with Gold falling throughout the day as Middle East tensions start to dwindle, and this put with the recovery of the US Dollar, meant no releases on Thursday had much influence. This meant on Thursday we saw a pretty big decline, Gold falling about $14, before closing at the $1338 level.
Friday, to close the week is pretty chill, Gold looks be levelling in the $1340 region. Nothing today is looking to cause any directional change. As expected we saw much volatility this week but actual directional change has been limited, Gold is currently stranding around $7 above Monday's open. But Trumps continuing ambiguity about who to attack next will always keep us on our toes!
Peace.
The Naive Trader.
Forex Factory, 2018.
IG.com, 2018.
Investing.com, 2018.
Monday was quiet as expected, there were only two releases worth watching which was the Canadian Business Outlook Survey and the UK's Halifax HPI m/m. The Canadian result had little influence on the market but Halifax's HPI was pretty different, much stronger than expected, coming in at 1.5%. But this really didn't do much too the market, I was actually surprised by this, but it really does show how small an impact the cable actually has on the Gold market. By close on Monday we saw a $3 rise from open, closing at $1336.
We did actually have one big event Tuesday, which was the US's PPI m/m and there was also their Core PPI which was worth watching. The PPI came in above forecast by 0.2%, which is high, but because of Mr Trump we had a dramatic opposite directional move for Gold on Tuesday compared to what should be expected. This was caused by geo-political issues surrounding Syria and also with with ongoing tensions between the US and Russia seeming to rise, this in turn gave Gold opportunity to rise throughout the day. This meant we saw a $6 gain in the precious metal throughout the day, closing at $1340.
Wednesday's rise was really only little to do with releases, with the negative result from the US's CPI m/m just aiding the progress witnessed throughout the day. We saw further debates surrounding the US in regards to potential military strikes in Syria, then to add gas to the flames, Trump started going for Russia on twitter, telling them to 'be ready'. This was all based around the potential military intervention in Syria, pretty insane. This as expected created chaos in the markets, we saw the precious metal rising to a week high of $1365, rising almost $25!!!!!!! But these gains were reduced in the afternoon period as the Dollar began to recover, by closing the yellow metal was still up $10 from open at $1351 but about $14 below the day and weeks high.
Thursday saw the retreat from Wednesday afternoon continue, with Gold falling throughout the day as Middle East tensions start to dwindle, and this put with the recovery of the US Dollar, meant no releases on Thursday had much influence. This meant on Thursday we saw a pretty big decline, Gold falling about $14, before closing at the $1338 level.
Friday, to close the week is pretty chill, Gold looks be levelling in the $1340 region. Nothing today is looking to cause any directional change. As expected we saw much volatility this week but actual directional change has been limited, Gold is currently stranding around $7 above Monday's open. But Trumps continuing ambiguity about who to attack next will always keep us on our toes!
Peace.
The Naive Trader.
Forex Factory, 2018.
IG.com, 2018.
Investing.com, 2018.
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