The Week Ahead: Holding.
Bit late, apologies, been away but back and lets have a look at what this week can offer us in the markets!
I am going to not really bother with Monday, nothing of excitement in my opinion and not looking to see any directional change. KDJ and RSI both showing the precious metal sitting within the boundaries, neither in the upper or lower bands and this is why as well I don't see much happening for the rest of the day.
Tuesday again is fairly subdued, with numerous releases yet little of concern to the Gold market. The main event I shall be paying attention to shall be the the US's ISM Non-Manufacturing PMI, forecasting to come in slightly above last month but this should only result in the $1-$5 change at max in my opinion. Another event is the ECB's President Mr Draghi speaking, this is more of personal interest and I doubt this will have any influence on the Gold market.
Next is Wednesday which is still showing little signs of life, there is really nothing I see have any effect on either the USD/JPY or the Spot Gold market. Then Thursday and Friday the only thing I see having a consequence on the Gold market is the US Unemployment Claims, which is expected to increase slightly by 4k, but I see genuinely no effect due to this.
So as there is kinda fuck all happening I thought I would you my limited TA knowledge to see what might be taking place.
I am going to not really bother with Monday, nothing of excitement in my opinion and not looking to see any directional change. KDJ and RSI both showing the precious metal sitting within the boundaries, neither in the upper or lower bands and this is why as well I don't see much happening for the rest of the day.
Tuesday again is fairly subdued, with numerous releases yet little of concern to the Gold market. The main event I shall be paying attention to shall be the the US's ISM Non-Manufacturing PMI, forecasting to come in slightly above last month but this should only result in the $1-$5 change at max in my opinion. Another event is the ECB's President Mr Draghi speaking, this is more of personal interest and I doubt this will have any influence on the Gold market.
Next is Wednesday which is still showing little signs of life, there is really nothing I see have any effect on either the USD/JPY or the Spot Gold market. Then Thursday and Friday the only thing I see having a consequence on the Gold market is the US Unemployment Claims, which is expected to increase slightly by 4k, but I see genuinely no effect due to this.
So as there is kinda fuck all happening I thought I would you my limited TA knowledge to see what might be taking place.
I thought maybe we were seeing the start of an Elliot Wave Retracement but I don't believe our first wave dipped enough for this too hold and a lot of people take the piss out of this theory anyway so lets move on. RSI and BB are reaching interesting points, looking like we may be peaking around the $1297 or even lower before Gold dips, but just drawing a simple downtrend line for the past few days and Gold has broken this trend and thus there might be reason to question whether we are dipping. So I do believe as of now we are in a precarious position as lack of data releases is leaving much of Golds movement in the hands of the US Dollars change. I don't feel bullish as of now, but I don't see much change either. This week I am going to sit out and just try and gauge what is going on!
Peace.
The Naive Trader.
Forex Factory, 2018.
IG.com, 2018.
Tradingview.com, 2018.
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