GOLD, will NFP finally start wave C?
Updated
Hello everyone,
Gold currently confusing traders as it switches between correctional movements and speculative pullbacks. From a technical point of view the 2067 level is now very important for the next move, which I expect to be a short one. Only a daily candle close above can invalidate the short scenario which would have the targets 1980, 1920 and 1895.
The yellow triangle is a possible reversal zone for a wave 2 bottom and bullish move towards new ATH with targets at 2300 and 3000.
Looking at the big picture of Gold, it has been in a very long consolidation in the 1640 - 1980 range. So far every breakout attempt over the upper boundary has been sold within a few days. But with the break above 2000 related to the middle east conflict Gold was able to stabilize above 1980. Most likely the 1980 will be retested to built liquidity for a bullish move first.
I suggest to go short to anticipate in wave C of wave 2. The reversal zone for this move is the current resistance 2060 - 2067.
I will keep you updated if I see conformation or trading opportunities. If you have any questions feel free to contact me.
Gold currently confusing traders as it switches between correctional movements and speculative pullbacks. From a technical point of view the 2067 level is now very important for the next move, which I expect to be a short one. Only a daily candle close above can invalidate the short scenario which would have the targets 1980, 1920 and 1895.
The yellow triangle is a possible reversal zone for a wave 2 bottom and bullish move towards new ATH with targets at 2300 and 3000.
Looking at the big picture of Gold, it has been in a very long consolidation in the 1640 - 1980 range. So far every breakout attempt over the upper boundary has been sold within a few days. But with the break above 2000 related to the middle east conflict Gold was able to stabilize above 1980. Most likely the 1980 will be retested to built liquidity for a bullish move first.
I suggest to go short to anticipate in wave C of wave 2. The reversal zone for this move is the current resistance 2060 - 2067.
I will keep you updated if I see conformation or trading opportunities. If you have any questions feel free to contact me.
Note
NFP data is expected to be weak and the DXY already anticipated the numbers in a short wave breaking down the bullish structure, that was built this week. BUT so far the chart is building higher highs and higher lows. About the data:
Nonfarm payrolls: 187K expected, 216K previous
Higher than expected numbers will be bullish for the DXY and bearish for Gold.
Unemployment rate: 3,8% expected, 3,7% previous
Lower than expected data will be bullish for the DXY and bearish for Gold.
Average Hourly Earnings: 0.3% expected, 0.4% previous
Better then expected data will be bullish for the DXY and bearish for Gold.
Trade closed: target reached
All data came out better than expected.2033 reached and it's possible to reach 2020 today also.
Trade closed: target reached
2015 was reached today after the pullback because of news related to the war. It seems the price is now moving within a triangle pattern. I am looking to sell again from 2030-2040 area, but still have one position open.Trade active
2035 - 2040 range reached. Entering short again.Trade closed: target reached
2020 reached again. As the weekly candle shows bearish signs, the drop could continue next week.Trade closed: target reached
1990 reached. We are now very close to the target from the trade idea.
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