Fundamental events Bearish for Gold in following week!
As Russia-Ukraine conflict emerged, the Gold once again proven to be safe heaven asset.
All eyes are currently on Russia-Ukraine conflict, which during the last week had big impact on Markets, mostly on US Stocks (Nasdaq and S&P), US10Y, Oil, Gas and Gold.
Several countries (USA, UK, Australia, Netherlands, Norway, Denmark, Latvia) communicated to their citizens working and living in the Ukraine to leave the country as soon as possible. In additon, many airline companys withdrew their planes form Ukraine and cancelled their abroad flights, all in total hugelly affecting previously mentioned markets.
The Gold Spot, during Friday's session, rose cca 32 Points (1,77%). The last time Gold rose this big, was on 13th of October, when also fundametal events took their part (Fed's meeting minutes and CPI report). US10Y were strongly couter-correlated with Gold, as it were trading with losses cca -5,90%. DX had no correalation to Gold, as it did at the beginning of the last week and mid-week.
The next trading week is filled with big fundamental events.
My focus will be on previously mentioned potentional conflict: I see no space for any type of Russia - USA conflit on Ukraine territory, as USA is using this situation to cover and hush up strong inflation numbers not seen such big since 1980. Russia is also having huge benefit out of it as Gas and Oil prices are soaring.
Thurday's U.S. Federal Open Market Committee (FOMC) Meeting Minutes which is set to be realeased at 20:00 CET, will I hope give more detail information on rate hikes, because neither of the last few meeting's minutes provided us with any clear signs, with almost identical conclusions. First announced interest rate hike is expected at the begging of March, as all big financial institutions are expecting 4+ hikes till the end of Y2022 (The Goldman Sachs expects 1,75%), which will push DX upwards.
Also, the Retail Sales report could back up strong inflation numbers, shown in other similar reports, for January 2022, which could also be bullish for DX.
Considering all I have written above, I see the Gold moving sideways for next session or two, after which I expect correction towards the 1.832-1.835 strong support/ressistance. I will not engage any selling order, unless I see strong confirmation on fundamental events. Ukraine - Russia conflict should slow down, and Fed's should provide us with more detailed information on soon expected interest rate hike, all alluding on the strong Gold correction towards the well known levels.
All eyes are currently on Russia-Ukraine conflict, which during the last week had big impact on Markets, mostly on US Stocks (Nasdaq and S&P), US10Y, Oil, Gas and Gold.
Several countries (USA, UK, Australia, Netherlands, Norway, Denmark, Latvia) communicated to their citizens working and living in the Ukraine to leave the country as soon as possible. In additon, many airline companys withdrew their planes form Ukraine and cancelled their abroad flights, all in total hugelly affecting previously mentioned markets.
The Gold Spot, during Friday's session, rose cca 32 Points (1,77%). The last time Gold rose this big, was on 13th of October, when also fundametal events took their part (Fed's meeting minutes and CPI report). US10Y were strongly couter-correlated with Gold, as it were trading with losses cca -5,90%. DX had no correalation to Gold, as it did at the beginning of the last week and mid-week.
The next trading week is filled with big fundamental events.
My focus will be on previously mentioned potentional conflict: I see no space for any type of Russia - USA conflit on Ukraine territory, as USA is using this situation to cover and hush up strong inflation numbers not seen such big since 1980. Russia is also having huge benefit out of it as Gas and Oil prices are soaring.
Thurday's U.S. Federal Open Market Committee (FOMC) Meeting Minutes which is set to be realeased at 20:00 CET, will I hope give more detail information on rate hikes, because neither of the last few meeting's minutes provided us with any clear signs, with almost identical conclusions. First announced interest rate hike is expected at the begging of March, as all big financial institutions are expecting 4+ hikes till the end of Y2022 (The Goldman Sachs expects 1,75%), which will push DX upwards.
Also, the Retail Sales report could back up strong inflation numbers, shown in other similar reports, for January 2022, which could also be bullish for DX.
Considering all I have written above, I see the Gold moving sideways for next session or two, after which I expect correction towards the 1.832-1.835 strong support/ressistance. I will not engage any selling order, unless I see strong confirmation on fundamental events. Ukraine - Russia conflict should slow down, and Fed's should provide us with more detailed information on soon expected interest rate hike, all alluding on the strong Gold correction towards the well known levels.
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