Everyone is aware that Gold is a 'save haven' for forex traders when economic results are bearish for a certain asset. Meaning, when some economies are performing well, Gold will reciprocate and also become bearish themselves. This can be seen through the past two daily candle sticks after Germany, one of the top 7 economies, showed positive unemployment. -12K people were foretasted to be unemployed, although it turned out to be -29K people unemployed. The ramification of these results mean that there is an even more employment surplus than there was before. This will surely appreciate the value of the EUR.
As well as this positive result for the EUR, the USD has shown some bullish sentiment as well, this is due to the ISM response results. The ISM is ultimately the percentage of supply executives for industrial companies give out their numbers on exports and imports. It was foretasted by analysts that 58.1% of supply executives will give out their trade numbers, although it was actually 59.7%, this is a bullish sentiment for the USD as more than expected supply executives are confident in their trade numbers.
To round up this analysis, Gold will show a short term downtrend due to Germany's appealing unemployment changes and USA's ISM responses.
As well as this positive result for the EUR, the USD has shown some bullish sentiment as well, this is due to the ISM response results. The ISM is ultimately the percentage of supply executives for industrial companies give out their numbers on exports and imports. It was foretasted by analysts that 58.1% of supply executives will give out their trade numbers, although it was actually 59.7%, this is a bullish sentiment for the USD as more than expected supply executives are confident in their trade numbers.
To round up this analysis, Gold will show a short term downtrend due to Germany's appealing unemployment changes and USA's ISM responses.