Directional Change.

After Friday's sell-off this week incoming is going to be very interesting, we have numerous releases which could strongly influence market direct for the precious metal.

Monday's main focus will be on the ECB President Draghi speaking, expecting volatility in a few of the major forex markets, especially the EUR/USD and the cable.

But looking at the sell off of last week and the volatility witnessed, Monday could be a busy day for Gold. We might see it fall further as the RSI highlights with the precious metal neither in the Upper or Lower Bands in a shorter time period, but when expanded into a longer time period we see the precious metal well under the Lower band. So I expect a turbulent day to say the least.

Tuesday is a lil busier, again we have Draghi speaking and the the US release their monthly Building Permits. This will be worth watching as any deviation from Forecast does create a surprising amount of movement for Gold. 

Draghi is going for a triple here, speaking on Wednesday as well which will create some turbulence as highlights earlier. We also have the BOJ's Governor speaking, and this is more important for Gold, so I expect some change during this period. Finishing of the day the Fed Chair, Mr Powell is speaking and thus Wednesday is looking volatile for the precious metal. But I don't expect much directional change just alot of short quick dips and jumps as each meeting progresses.

Thursday is dominated by releases from the UK, which aren't exactly that influential on the XAU/USD market but from a personal perspective its interesting. The MPC Vote is always important, not really sure what all the fuss is about but if the majority changes at all we normally see swings in the cable market. Then there is also the Official Bank Rate, looking to be holding at 0.5%, so nothing too crazy there. That's about it for Thursday in my opinion

Then Friday there isn't anything exciting I believe, as I don't see anything having much effect on the yellow metal at all. That's it, I think this is actually an important week for Gold, after Friday's drama it is going to be interesting to see where the precious metal hits, whether it will fall further or regain now, who knows?

The Naive Trader.

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