Geo-Politics always present!
Once again, we have had a turbulent week, Gold hitting new lows then rebounding as a result of geo-political unease, and data releases, so lets see what exact events have been major players in directing Gold's movement this week.
Monday as expected was a dangerous day for Gold, analysis showed clear potential for a further decline, and with the lack of data releases throughout the day Gold was at the mercy of the Dollar gains. The precious metal did indeed fall below the $1290 barrier I thought we would see, and throughout the day it fell even further, almost to the 2nd resistance point at $1281 before regaining ground as Dollar gains cooled.
It does look like Monday was the low and since then we have seen steady gains and even mid-term this is starting to look bullish. Tuesday was a quiet day in the end, Gold hovered around the $1290 position throughout, closing at $1292. We did have the UK's Inflation Report hearing but the knock-on consequence to the Gold market was very much limited.
The graph shows the change in Gold over the previous week and on Wednesday we saw some fairly big volume gains, helping really push the momentum back into Gold's favour for a bullish market. But further to this, the RSI isn't showing too much extreme change, hyping the potential that Gold is now beginning a steady gain for the next week or so.
These gains were of course escalated even further by Trump deciding on Thursday to cancel the Summit with North Korea, which of course created a completely unpredictable change in the yellow metal and other related markets. Gold thus rose and by Thursday close was back above the $1300 mark and holding.
Closing the week, we had a couple of interesting events from the US, these were the: Core Durable Goods Orders m/m and the Fed Chair Powell speaking. The Core durable came in above forecast fairly significantly, causing a slight retreat for Gold, falling almost to $1300 before closing the week just above at $1301.
Peace.
The Naive Trader.
Forex Factory, 2018.
IG.com, 2018.
Investing.com, 2018.
Monday as expected was a dangerous day for Gold, analysis showed clear potential for a further decline, and with the lack of data releases throughout the day Gold was at the mercy of the Dollar gains. The precious metal did indeed fall below the $1290 barrier I thought we would see, and throughout the day it fell even further, almost to the 2nd resistance point at $1281 before regaining ground as Dollar gains cooled.
It does look like Monday was the low and since then we have seen steady gains and even mid-term this is starting to look bullish. Tuesday was a quiet day in the end, Gold hovered around the $1290 position throughout, closing at $1292. We did have the UK's Inflation Report hearing but the knock-on consequence to the Gold market was very much limited.
The graph shows the change in Gold over the previous week and on Wednesday we saw some fairly big volume gains, helping really push the momentum back into Gold's favour for a bullish market. But further to this, the RSI isn't showing too much extreme change, hyping the potential that Gold is now beginning a steady gain for the next week or so.
These gains were of course escalated even further by Trump deciding on Thursday to cancel the Summit with North Korea, which of course created a completely unpredictable change in the yellow metal and other related markets. Gold thus rose and by Thursday close was back above the $1300 mark and holding.
Closing the week, we had a couple of interesting events from the US, these were the: Core Durable Goods Orders m/m and the Fed Chair Powell speaking. The Core durable came in above forecast fairly significantly, causing a slight retreat for Gold, falling almost to $1300 before closing the week just above at $1301.
Peace.
The Naive Trader.
Forex Factory, 2018.
IG.com, 2018.
Investing.com, 2018.
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