Here is a summary of what to expect this week

This week’s “high impact” news events that I will be looking to trade are as follows;

Thursday 11th December 2014

CAD – BoC Gov Poloz Speaks – 01:00pm

What we are looking for here is for Governor Poloz to be his usual dovish self, bearing in mind the negative labour data we had from Canada on Friday, what we are focussing on here is the chain of events which is negative employment data directly after Gov Poloz stated he is focussing on employment data which comes directly after market speculation that the BoC might be inching towards raising rates. What we are looking for here is for Poloz to be dovish taking note of the negativity in figures so that we can position ourselves prior to his statement to sell the Canadian Dollar.

NZD – RBNZ Gov Wheeler Speaks – 12:10am

Prior to this event on the 10th the RBNZ have their rate hike decision, which we are expecting levels to remain unchanged and we can expect the RBNZ to try and talk the currency down. We can position ourselves on this event to sell the NZD in anticipation of the RBNZ to be additionally dovish more weakness onto the NZD.

P.S – If you want to learn more about how I trade, check out this link below


http://forexfixedodds.com/2014/12/08/forex-news-trading-events-for-the-week-of-december-8th-12th/

Reuters reports, Gold fell more than 1 percent on Friday, after U.S. November non-farm payrolls data beat forecasts, fueling expectations that the Federal Reserve will raise interest rates sooner rather than later and lifting the dollar.

Labor Department data showed the U.S. economy added 321,000 new jobs last month, the largest number in nearly three years, and wages increased.
That sparked a rally in the U.S. dollar, which hit multi year highs and prompted traders to bet the Fed will raise rates earlier in 2015 than formerly thought.
Spot gold was down 1.2 percent at $1,190.90 an ounce at 2:42 p.m. EST (1942 GMT), while U.S. gold futures settled down $17.30 an ounce, or 1.4 percent, at $1,190.40. In the wake of the data, spot gold hit a low of $1,186.10, down 1.6 percent. Some traders said they were surprised it did not fall further.

For the week, however, spot gold rose around 2 percent after heavy short-covering lifted prices 4 percent on Monday, its biggest daily gain in more than a year. Traders said this could attract short-term buying next week, while others suggested the market was stabilizing around current levels.

“It will be interesting to see how (gold) develops as we move towards the FOMC meeting on Dec. 17,” ABN Amro analyst Georgette Boele said. “If we have a more hawkish Fed, more of an adjustment in interest rate expectations, and a still higher dollar,” it will be negative for gold.

Higher rates boost the opportunity cost of holding non-yielding gold and lift the dollar, in which the metal is priced.
In the physical bullion markets, Chinese buying remained steady with premiums unchanged at about $1-$2 on Friday.

“Physical demand continues to underpin both the silver and gold markets,” Kitco Metals Inc said in a note.

Data from the Istanbul Gold Exchange showed gold imports into Turkey more than doubled year on year to 46.9 tonnes in November, its strongest monthly imports in more than six years.

CFTC data shows huge drop in Open Interest. At the same time we see that net long position has increased. It means that its growth mostly has happened due closing of shorts, rather than opening of new longs, although long positions also have increased slightly. Currently it is difficult to understand how it will impact on market balance soon, but it seems that investors have closed shorts that were opened on expectation of 1140 breakout. Does it mean that investors do not believe in soon downward breakout? But at the same time they do not hurry to increase longs… May be this has happened due coming end of the financial year…
Net long position has not changed significantly:

At the same time recent SPDR data does not support upside gold retracement. For the period when gold has reached 1210 area – net outflow from SPDR fund stands ~ for 1% or 7 tonnes of gold (from 727 tonnes in beginning of November to 720 tonnes currently).

For more graphics and review click link below :

http://forexfixedodds.com/2014/12/08/gold-weekly-review-december-08-12-2014/

http://forexfixedodds.com/2014/12/17/trading-directions-i-am-favouring-for-the-next-24-hour/

Review for the day 17/12/14

Buy and Sell Mode