GOLD Weekly Analysis (week of 04-08/01)

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Weekly Summary

After starting the week at zero, Gold moves to $1,850 (up $1,850) .

The Gold green move takes place amid mixed market indicators - United States Unemployment Rate beats expectations of 6.8 with new data release of 6.7, marks no change over previous data of 6.7.

At the same time, United States Balance of Trade published yesterday at 1:30 PM came out at -68099999999.99999, falling short of the -65.20 billion projections and continuing its decline from the previous -63.10 billion figure. The United States Manufacturing PMI was released on Monday with a figure of 57.1, This is better than the previous number of 56.5.

EUR/CAD lost 57 pips from the start of the session, trading at 1.5502 levels.

In the meantime, Hong-Kong Dollar is trading around 7.756. The Dollar/Swiss is trading around 0.8851.

Jan. 8, 2021

Gold is down $63.7 (3.33%), trading around $1,850

(23:24) GMT

This downslide might be related to financial indicators data published earlier as the United States Unemployment Rate beat expectations of 6.8 with new data release of 6.7, marks no change over previous data of 6.7.

On the flip side, United States Non Farm Payrolls published today at 1:30 PM came out at -140,000, falling short of the 71,000 projections and continuing its decline from the previous 336,000 figure.

Meanwhile, United States Balance of Trade published yesterday at 1:30 PM came out at -68099999999.99999, falling short of the -65.20 billion projection and continuing its decline from the previous -63.10 billion figure.

Taking a wider perspective, performance of these other symbols usually suggests a setback for Gold, as EUR/CAD dropped 0.37% (57 pips) to 1.5502.

At the same time, USD/HKD is trading around 7.756.

The lower Bollinger band at $1,826.28, indicating a positive correction might be next. Overall, looking at the technical analysis landscape, it seems Gold might reverse course and start pointing upward in the short term.

Jan. 7, 2021

Gold up $6.2 to $1,914.8 building up on its seven days of gains.

(22:24) GMT

This move comes while some more positive signs for Gold are out as the United States ADP Nonfarm Employment Change (Dec) fell short of the 88,000 projections, at -123,000 and continued its downward trajectory from the previous figure of 304,000. United States Crude Oil Inventories fell short of the -2.13 million projection to -8.01 million and continued its downward trajectory from the previous figure of -6.07 million.

More data came out yesterday, as the United States Balance of Trade published yesterday at 1:30 PM came out at -68099999999.99999, falling short of the -65.20 billion projection and continuing its decline from the previous -63.10 billion figure.

The Swiss franc is trading around 0.8845 (up 58 pips). EUR/CAD lost 70 pips from the start of the session, trading at 1.5553 levels.

The upper Bollinger band is at $1,946.72, indicating a negative correction might be next. Overall, looking at the technical analysis landscape, it seems a reverse of course in the short term might be next for Gold.

The market is looking forward to the United States Unemployment Rate looks to be getting worse at an expected 6.8 while the preceding figure was 6.7, New data will be out today at 1:30 PM. Today at 1:30 PM, data for United States Non Farm Payrolls will be released, with an expected decline to 71,000 from the preceding figure of 245,000. United States Average Hourly Earnings is expected to decline to 0.2 when its preceding data was 0.3, Data will be available today at 1:30 PM.

Jan. 6, 2021

After six days of going up, Gold down $34.2 today

(22:24) GMT

This downslide might be related to financial indicators data published earlier as Data for United States ISM Manufacturing PMI (Dec) released yesterday came out at 60.7, beating projections of 56.6 and showing improvement over the preceding figure of 57.5.

On the flip side, United States ADP Nonfarm Employment Change (Dec) fell short of the 88000 projections, at -123000 and continued its downward trajectory from the previous figure of 304000.

Meanwhile, United States Factory Orders released yesterday at 3:00 PM is better than expected at 1 but down from preceding data of 1.3 according to new data.

Positive performance can be seen looking at other symbols as the Dollar/Swiss drops to 0.8784 (26 pips). EUR/CAD gained 0.32% from 1.5578 to 1.5628 (49 pips).

The upper Bollinger band at $1,947.53, indicating a further downward move might be next. Overall, looking at the technical analysis landscape, it seems further drawbacks may be next for Gold.

The market will be looking forward to the upcoming release of the following indicators: United States Balance of Trade is projected to decline to -65.20 billion while previous data was -63.10 billion, Data will be released today at 1:30 PM. The United States ISM Non-Manufacturing PMI (Dec) expected to decline to 54.6, while its preceding data was 55.9, Data will be available today at 3:00 PM. Projections for United States Initial Jobless Claims are set for a continuation of decline with 800000 while previous data was 787000, Data will be released today at 1:30 PM.

Jan. 5, 2021

Gold up $7.1 to $1,953.7 building up on its six days of gains.

(22:24) GMT

After starting the day at $1,946.6 gold went up to 1957 only to drop back, yet is still positive overall today, trading now at $1,953.7.

Data out yesterday – Released yesterday, United States's Manufacturing PMI showed an uptick coming in at 57.1, up from the previous number of 56.5. The United States API Weekly Crude Oil Stock released earlier shows an improvement to -1.66 million from the preceding data of -4.79 million, but falls short of the projected -1.50 million. Released yesterday at 3:00 PM, United States's ISM Manufacturing Employment (Dec) showed an uptick, coming in at 51.5, up from the previous number of 48.4.

In the meantime, at 0.8804, dollar/swiss is down to its lowest value in 5 years. The Hong-Kong Dollar is eyeing the 7.75 support line

Gold immediate resistance is around $1,955.8, nearest support level is at $1,775.7. The CCI indicator is above 100, indicating a possible start of a new uptrend. The upper Bollinger band is at $1,945.39, indicating a negative correction might be next. Overall, technical indicators suggest Gold has no obvious direction for the immediate future.

The market is looking forward to United States Crude Oil Inventories projected to outperform last figure at -1.50 million while it previously stood at -6.07 million, Data will be released today at 3:30 PM. United States ADP Nonfarm Employment Change (Dec) expected to decline to 88000, while its preceding data was 307000, data will be available today at 1:15 PM. United States FOMC Meeting Minutes are scheduled for today at 7:00 PM.

Jan. 4, 2021

Gold logged a record single day jump (51.6 dollars)

(22:24) GMT

Opening at 1,895, Gold was trading at 1,946.7 after making its biggest single-day jump (51.6 dollars) recently.

At the same time, released yesterday at 2:45 PM, United States's Manufacturing PMI showed an uptick, coming in at 57.1, up from the previous number of 56.5.

Gold immediate resistance is around 1,953.8, nearest support level is at 1,775.7. The CCI indicator is above 100, indicating a possible start of a new uptrend. The upper Bollinger band is at 1,934.8, indicating a negative correction might be next. Overall, technical indicators suggest Gold has no obvious direction for the immediate future.

In the meantime, at 0.88, dollar/swiss is down to its lowest value in 5 years. EUR/CAD eyes resistance at 1.5742 and is now only 157 pips away. Crossing it might suggest a continuation of a positive trend.

The market is looking forward to the United States ISM Manufacturing PMI (Dec) is expected to come out at 56.5 when it's released today at 3:00 PM, This is a decline from the preceding data which was 57.5. United States ISM Manufacturing Employment (Dec) is expected today at 3:00 PM. The United States API Weekly Crude Oil Stock is expected today at 9:30 PM.

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