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Forex Forum → Forex Trading → Two days of the week will be most important for market and for gold in

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Topic: Two days of the week will be most important for market and for gold in

Over the past two days, precious metal has been able to gain significantly, moving away from the minimum values since mid-December 2017, but the problem for gold is that the correction was more technical in nature and was not due to fundamental reasons. First, the yellow metal was heavily oversold, which significantly hampered the further advance of the price downwards.

Secondly, on Tuesday it was a earlier market close and on Wednesday there was a day off in US, this provoked some profit taking and positions close.

However, all the fundamental factors that previously contributed to a gold decline retain their influence on the market limiting the opportunities for price recovery. One of the main negative driver for gold remains the some- Fed policy, which led to the strengthening of the dollar to the maximum levels since July 2017. Two remaining days of the current trading week are of special importance for gold, as today and tomorrow there will appear strong factors on the market that can change the attitude of traders and raise volatility.

Today US will report on the labor market from ADP, these data largely form investors expectations on the official report of the US Department of Labor, which will be released one day later. There is general expectation of number increase of employed from 178K to 190K, which is likely to support the dollar and, accordingly, weaken the position of gold.

Secondly, US non-manufacturing PMI will go published. Here, on the contrary, an insignificant decrease is expected from 58.6 to 58.3 points, but, like PMI in the manufacturing sector published on Monday, there can be unpleasant (for gold) surprises.

http://www.fxdailyinfo.com/?p=forex-analysis

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