Gold has posted strong gains in the Wednesday session, continuing the gains which marked the Tuesday session. In North American trade, the metal is trading above the $1305.38, the first time it’s crossed above the $1300 level since October 4. On the release front, ADP Nonfarm Employment dropped to 147 thousand, well short of the estimate of 166 thousand. Later in the day, the Federal Reserve concludes its policy meeting and is expected to maintain the benchmark interest rate at 0.25 percent. On Thursday, the US releases unemployment claims and the ISM Non-manufacturing PMI.
Forex and stock traders are looking for the consistently wrong investor, trader and take the opposite position. This will obviously lead to winning trades for them. All traders have read trading books that point out that increasing volume is good for the continuation of the trend. Many new stock traders will try and fight the trend.
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