Main Scenario: As long as it stays under the 1477 barrier, our main expectation is NEGATIVE!
In addition, our expectation could be further strengthened with a 4-hour close below 1462 level.
Target Expectation: 1462– 1455 – 1448
Considerations Supporting The Scenario: The fact that the short-term negative trend continues despite the recent increases and that the RVI indicator continues to SELL signal strengthens our negative expectations for the Gold price.
Alternative Scenario: In case of 4-hour closing on 1477 level, the alternative expectation is POSITIVE!
Alternative Target Expectation: 1483 – 1492 – 1500
IMPORTANT NEWS OF THE WEEK
Monday, November 18
- Euro Zone German Buba Monthly Report and ECB Financial Stability Report
- US 3 and 6-month Treasury Bills auction,
- FOMC member Mester Speech,
Tuesday, November 19
- Australian Monetary Policy Meeting Minutes,
- US Construction Permits and Housing Starts,
- Canadian Manufacturing Sales,
- FOMC member Williams Speech,
Wednesday, November 20
- American Petroleum Institute Weekly Oil Stock Data
- People’s Bank of China (PBOC) interest rate
- Canadian Core Consumer Price Index and Consumer Price Index
- Central Government Debt Stock Of Turkey
- US Crude Oil and Gas Stocks
- Federal Open Market Committee (FOMC) Meeting Minutes
Thursday, November 21
- Turkey Consumer Confidence Index,
- Publication of the minutes of the European Central Bank (ECB) Monetary Policy Meeting
- U.S. unemployment benefits applications, Philadelphia Fed Manufacturing Index and current home sales
Friday, November 22
- Japan Leading Manufacturing Purchasing Managers Index (PMI)
- Germany Gross Domestic Product (GDP)
- Speech by Lagarde, President of the European Central Bank (ECB)
- French Manufacturing and Service Purchasing Managers Index (PMI)
- German Manufacturing and Service Purchasing Managers Index (PMI)
- Euro Area Manufacturing and Service Purchasing Managers Index (PMI)
- Canadian Core Retail Sales and Retail Sales
- US Manufacturing and Service Purchasing Managers Index (PMI)
THE MOST IMPORTANT DAYS AND ASSETS OF THE WEEK:
This week is more important for the Forex market than other days on Friday. The most remarkable economic calendar data of the week are, of course, PMI (Service Purchasing Managers Index) data from the Eurozone, member countries and the USA.
- Taking into account the current news feeds on Monday, GOLD may attract attention compared to other assets.
- Considering the current news feeds on Tuesday, USDCAD may draw attention compared to other assets.
- Considering the current news feed on Wednesday, USDTRY may draw attention compared to other assets.
- Considering the current news flows on Thursday, the USDJPY may draw attention compared to other assets.
- Taking into account the current news flows on Friday, EURUSD may draw attention compared to other assets.