Main Scenario: As long as it stays above 1508 level, our main expectation is POSITIVE!
In addition, the 4-hour closing above the 1533.50 level may further strengthen our expectation.
Target Expectation: 1524,00 – 1532,00 – 1540,50
Considerations Supporting The Scenario: The continuation of the relative Vigor Index indicator to the BUY signal and that the William’s Percent Range indicator moves above the -80 reference level supports our Gold positive expectation.
Alternative Scenario: In case of 4-hour closing under 1508, the alternative expectation is NEGATIVE!
Alternative Target Expectation: 1500,00 – 1492,50 – 1485,00
MOST IMPORTANT NEWS OF THE WEEK:
- Industrial Production from Germany,
- Gross Domestic Product from The Eurozone,
- Interest rate decision from Russia and Central Bank of Russia (CBR) press conference,
- Consumer Price Index From Brazil,
- Average Hourly Earnings, Average Hourly Income, Non-Farm Employment, Unemployment Rate, and US Federal Reserve (Fed) President Powell’s Speech from US,
- Employment Change, unemployment rate and Ivey PMI data from Canada.