HIGHEST ACCUMULATION OF NET LONG POSITIONS!! STRONG BUY
Updated
Very Bullish on gold. Not only has it held the 1490 support 5 times! but we have now seen the largest accumulation of net long positions from Hedge funds and money managers since July 2016
FEDs hawkish tone has Kept USD strong however large divide in committee will likely shift towards the dovish side as global and domestic conditions worsen further. Lots of data coming out for the US next week which will foreshadow the Feds next move.
Keeping eye on :
USD
TUE- ISM Manufacturing PMI
WED- ADP Non-Farm Employment Change
THU- ISM Non-Manufacturing PMI
FRI - Average Hourly Earnings m/m
FRI - Non-Farm Employment Change
FRI - Unemployment Rate
FRI - Fed Chair Powell Speaks
10-11 OCT US-China trade talks
Gold will hit retest highs this week if not break them. Lots of opportunities for the data to disappoint
FEDs hawkish tone has Kept USD strong however large divide in committee will likely shift towards the dovish side as global and domestic conditions worsen further. Lots of data coming out for the US next week which will foreshadow the Feds next move.
Keeping eye on :
USD
TUE- ISM Manufacturing PMI
WED- ADP Non-Farm Employment Change
THU- ISM Non-Manufacturing PMI
FRI - Average Hourly Earnings m/m
FRI - Non-Farm Employment Change
FRI - Unemployment Rate
FRI - Fed Chair Powell Speaks
10-11 OCT US-China trade talks
Gold will hit retest highs this week if not break them. Lots of opportunities for the data to disappoint
Note
End of the quarter and month profit-taking putting pressure on gold but nevertheless now is a good entry point or wait until tomorrows London session Move sl to 1470
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