Position adjustment ahead of the Golden......>

DOLLAR: Position adjustment ahead of the Golden Week holiday's has seen a minor

retracement in the dollar. The DXY trades off yesterday's multi month highs

(98.32) to hold around the 98.10/15 area. Despite this the major uptrend remains

intact with next resistance seen at 98.49 from the May 8 2017 low, a break opens

the May 16 2017 high at 98.89. Above here opens a move toward the 99.00/30 zone

which registered a series of previous highs/lows through Apr/May 2017. Bears

need a downside break of 98, opening the 50% retracement level of 96.74-98.32 at

97.53.

- The minor pullback in the dollar has allowed Gold to extend its recovery above

the $1280 level. The 21-dma provides the first layer of resistance at $1286.16,

a break opens the 50% retracement of $1310.67-1266.42 & Apr 16 high at

$1288.54/80, ahead of the 100-dma at $1292.66.

- WTI & Brent pared early losses to sit flat on the session.

- US GDP the main highlight today which is expected to decelerate in Q1 to an

annualized 2.0% after a growth rate of 2.2% in Q4 2018. GDP price index grew by

1.7% in the previous quarter and is expected to pick up to 1.8% in Q1.