Lacking movement
This week has held around the $1250 mark as it draws to a close, yet it wasn't without volatility around the beginning of the week.
Monday saw heavy sell volume for the precious metal as the US Dollar continued further gains, as the Dollar holds around the 111 position against the Yen this week. As expected much of the consequences of data were only present later in the week, during the Friday period to be honest.
Yet a sign of the potential for a rebound can be seen in the slight decline in buy volume for the USD/JPY market as the week progressed and in past experience this 111 stage against the Yen for the Dollar has always offered resistance.
Tuesday showed the most action for the precious metal, regaining much of the ground lost during Monday's trading period. Shifting from $1238 all the way up to $1254, much of which can be seen by the rebound from the oversold position, as it moved into the lower band on the Stoch RSI.
While later during the week we saw a slight breakout and no signs of the RSI overheating, raising ideas of potentially movement for Gold during the coming week or so.
Thursday offered us the ADP Non-Farm Employment change, which came in 13k under forecast, helping Gold hold above the $1250 mark.
Fridays results offered a surprisingly small amount of movement for Gold, which I am again surprised about. We had the Non-Farm Employment Change and Unemployment Rate which looked to be of interest, however neither led to substantial change within the market. Unemployment came in 0.2% above forecast and thus Gold should of jumped more than it did but the Non -Farm came in better than expected so I feel this has countered the negative result of the unemployment figures. So by 17:30 GMT Gold is holding at the $1254 mark with little further releases looking to have any consequence so I doubt there will be much variation on this until close.
This week has been lacklustre, Gold acting weird and we aren't seeing change I expected considering what was offered. Entry though could be good, I believe a rebound up to $1300 is completely possible considering the volume levels so lets see!
The Naive Trader.
Forex Factory, 2018.
IG.com, 2018.
Investing.com, 2018.
TradingView.com, 2018.
Monday saw heavy sell volume for the precious metal as the US Dollar continued further gains, as the Dollar holds around the 111 position against the Yen this week. As expected much of the consequences of data were only present later in the week, during the Friday period to be honest.
Yet a sign of the potential for a rebound can be seen in the slight decline in buy volume for the USD/JPY market as the week progressed and in past experience this 111 stage against the Yen for the Dollar has always offered resistance.
Tuesday showed the most action for the precious metal, regaining much of the ground lost during Monday's trading period. Shifting from $1238 all the way up to $1254, much of which can be seen by the rebound from the oversold position, as it moved into the lower band on the Stoch RSI.
While later during the week we saw a slight breakout and no signs of the RSI overheating, raising ideas of potentially movement for Gold during the coming week or so.
Thursday offered us the ADP Non-Farm Employment change, which came in 13k under forecast, helping Gold hold above the $1250 mark.
Fridays results offered a surprisingly small amount of movement for Gold, which I am again surprised about. We had the Non-Farm Employment Change and Unemployment Rate which looked to be of interest, however neither led to substantial change within the market. Unemployment came in 0.2% above forecast and thus Gold should of jumped more than it did but the Non -Farm came in better than expected so I feel this has countered the negative result of the unemployment figures. So by 17:30 GMT Gold is holding at the $1254 mark with little further releases looking to have any consequence so I doubt there will be much variation on this until close.
This week has been lacklustre, Gold acting weird and we aren't seeing change I expected considering what was offered. Entry though could be good, I believe a rebound up to $1300 is completely possible considering the volume levels so lets see!
The Naive Trader.
Forex Factory, 2018.
IG.com, 2018.
Investing.com, 2018.
TradingView.com, 2018.
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