Gold Weekly Analysis
Gold respected last weeks high and closed bearish, respecting support and formed a lower high in the weekly structure
News
USD CPI on Tuesday
USD ESMI, Retail Sales on Thursday
USD PPI + Prelim UoM Consumer Sentiment on Friday
A heavy news week for Gold will bring a lot of volume starting with CPI on Tuesday.
Inflation is forecast to have decreased to 2.9% y/y. Decreasing inflation will ultimately lead to the Feds reducing USD Interest Rates. This is bullish for Gold because it is bearish for USD, although rate cuts are not due to happen until later this year.
IF Inflation comes out higher than forecast then we could see Gold continue to sell off and break weekly support. This is because USD rates will be held higher for longer and could be priced in
News towards the end of the week has mixed outcomes for USD but good numbers will be bearish for Gold
GBPJPY Weekly Analysis
The weekly timeframe made a bottom wick that respected last weeks lows and closed above weekly resistance on Friday.
News
GBP Claimant Count Change on Tuesday
GBP CPI on Wednesday
GBP GDP on Thursday
GBP Retail Sales on Friday
Heavy news week for GBPJPY from Tuesday. GBP CPI will be the news release to watch with inflation forecast to have increased to 4.1% from 4.0% last month . This would be bullish for GBP + GJ and could see price push into the 190s since the last data release pushed price 200 pips bullish for the day.
Also Retail Sales on Friday is expected to have increased from last month which will also be bullish for GBP if the data comes out positive as expected
Check out News This Week 12th February for more scenarios
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