Biggest event of the week published today at 12:30 gmt. Gross Domestic Product is the best indicator for economic growth and this publication could be the tie breaker for a rate rise this year.

Expected number is 3.7% growth which is fantastic and could support the dollar and push gold lower. Any result below 3% will be very disappointing and could support the eur/usd and gold.

Gold is on a technical Declining Flag Formation which is usually considered bullish for the asset.

A disappointing event today can push it towards its short term target of $1156 an ounce.

The Volkswagen scandal has put a lot of pressure on the entire auto industry in Germany. Companies like BMW and Daimler are suffering as well from lack of confidence.

The auto industry is more than 20% of German exports and the Dax is dropping strong.

The critical level for the Dax is 9339 points and if that breaks, next target on the down side is the amazing 9184 points level.