Gold at a standard below average , with little on the ticket.
Next week seeks no high impact scheduled economic releases for USD. Mon-Tues has Dudley & Evans making speeches ( won't amount to much after Yellen's spin last week). Then Wed=Fri has 3 mid impact releases only - FED's Monetary Policy Report , Initial Jobless claims & House Price Index.
So i'm thinking ( barring any unforseen Geopolitical Events) , the market will likely trade in the early part of next week between
1. 20 Period Moving Average - 1260.85
and
2. 2SD Bollinger Band - 1245.75
Price had moved to an extreme of 3 standard deviations , following the June FOMC statement. Then retraced, tested and moved away from the 10 MAV average.
The near term market direction appears to be down. Retracement towards 1258-1260 could be considered for a short , targeting 1245. Beyond 1261 , this scenario is likely invalidated.
So i'm thinking ( barring any unforseen Geopolitical Events) , the market will likely trade in the early part of next week between
1. 20 Period Moving Average - 1260.85
and
2. 2SD Bollinger Band - 1245.75
Price had moved to an extreme of 3 standard deviations , following the June FOMC statement. Then retraced, tested and moved away from the 10 MAV average.
The near term market direction appears to be down. Retracement towards 1258-1260 could be considered for a short , targeting 1245. Beyond 1261 , this scenario is likely invalidated.
Comment:
Range broken. Look to 1243...:)
Range broken. Look to 1243...:)
Comment:
This trade is closed . Target hit.
Market consolidating in this range. A short at the top of this range, would be considered.