Keep An Eye on Gold Ahead of the US GDP

The US GDP report will be released any minute now as I’m posting this forex update. It might go either way, although expectations are for a better revision. The first reading was 3.0%, while today the US GDP is expected to be revised higher to 3.3%.      

The market is sort of agreeing with it as well because the USD has been on demand all day today. Although I would concentrate on Gold right now because it is making some decent moves.

That’s a quick drop in Gold.

Gold just lost $5 as it dropped from $1,294 to $1,289 in a few minutes. This means that the market sentiment is positive as the market is leaning away from safe haven assets.

The Japanese Yen is suffering some heavy losses as well. So, will this be a great GDP report? We hope it is because we have a long-term sell signal in Gold and a short-term buy forex signal in EUR/CHF. Both of them go against safe haven assets, so hopefully the US GDP report today will offer us a month-end bonus.  

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Skerdian Meta

Lead Analyst

Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.

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