NFP session / Gold under violent Volatility
Gold's general commentary: Interesting cyclical Gold’s activity regarding past #3 consecutive sessions which showcased how Gold’s Price-action largely depends on Fundamental side where Wednesday’s session Bullish Gap fill on DX caused by numbers greater on ISM Non-Manufacturing PMI report, delivered sharp #19 point movement on Gold, where Buying pressure was evident almost all session long. It is important to mention one of the biggest spreads between Gold (Xau-Usd Spot) and Gold Futures after roll-over or almost #16 + points differential, which is the messenger that these are not normal Technical sessions, on the contrary / sessions with violent Volatility and one should Trade with caution with Trading set-ups and optimal patterns. As Wednesday’s session Selling run was altered near key Support zone of #1,752.80 - #1,755.80 level and closed way Higher, DX failed to break Medium-term Resistance fractal seen Trading at #160.500 mark, lowered Real Rates Yields to #0.251% and Bond Yields #2.730 and in addition, my Short-term Bias leans more to the Bullish side.
Technical analysis: Gold has finally peaked right below local High’s and delivered more than #2 consecutive Bullish Hourly 1 chart’s candles and almost hit the Daily chart’s #MA50 (which is holding and rejecting the Price-action since April #22). Last time the Price-action broke below the Daily chart #MA50 it dropped another # -2.70% before starting a strong #16-session relief rally. Technically, that puts Gold at risk of Bullish Medium-term sequence, where the Resistance is now at #1,790.80 (#2 points down already from yesterday’s session) and breaking above it, confirms the new Bullish leg towards #1,815.80. Current Price-action represents crossroads for the Short-term. I will chose not to Trade the NFP Volatility throughout today’s session as I am more than satisfied with my current Trading results, and NFP sessions are traditionally most Volatile ones where engaging any kind of order can backfire strongly. I will monitor the Price-action from sidelines and take an early weekend break.
Technical analysis: Gold has finally peaked right below local High’s and delivered more than #2 consecutive Bullish Hourly 1 chart’s candles and almost hit the Daily chart’s #MA50 (which is holding and rejecting the Price-action since April #22). Last time the Price-action broke below the Daily chart #MA50 it dropped another # -2.70% before starting a strong #16-session relief rally. Technically, that puts Gold at risk of Bullish Medium-term sequence, where the Resistance is now at #1,790.80 (#2 points down already from yesterday’s session) and breaking above it, confirms the new Bullish leg towards #1,815.80. Current Price-action represents crossroads for the Short-term. I will chose not to Trade the NFP Volatility throughout today’s session as I am more than satisfied with my current Trading results, and NFP sessions are traditionally most Volatile ones where engaging any kind of order can backfire strongly. I will monitor the Price-action from sidelines and take an early weekend break.
- My official and only Telegram Channel: t.me/goldenBear88
- I do provide professional Gold consulting (signals and financial advice) as well as #1 on #1 mentorship.
- Trading Gold since #2012'.
- I do provide professional Gold consulting (signals and financial advice) as well as #1 on #1 mentorship.
- Trading Gold since #2012'.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.