Looking Stable.

This week was actually as expected for the first time in a while as nothing really happened. Neither a strong bull or bear trend was witnessed within the Gold market. Data releases were of course subdued and thus much of potential movement is focused around fluctuations in the USD/JPY market, but there was nothing huge witnessed.

The events this week which were looking to be most influential were Tuesday's US ISM Manufacturing PMI, then US Weekly Unemployment Claims on Thursday and finally on Friday, we had the G7 taking priority. Looking at the releases, both US events were very close to expected and thus literally no movement was witnessed. While the G7 didn't really lead into much consequence for the yellow metal.

Looking at some TA and the only thing that did surprise me was Gold breaking above the $1300 this week, before retreating of course. But the $1290 holding position is seeming to be more and more important, with any break below showing that a downtrend to below $1280 is quickly possible. Using the Bollinger Bands its clear volatility is quite low at the moment so I don't really know how much direction change we will see anytime soon. I feel we need some drastic data releases or political events to see some serious shift for the precious metal in the near future.

Peace.

The Naive Trader.


Forex Factory, 2018.
Tradingview, 2018.