Gold Spot / U.S. DollarUpdated XAUUSD; long-term analysis pre-NFP
Here is our in-depth view and update on XAUUSD. Potential opportunities and what to look out for. This is a long-term overview on the pair sharing possible entries and important Key Levels.
Alright first, let’s take a step back and take a look at XAUUSD from a bigger perspective. For this we will be looking at the H4 time-frame.
XAUUSD is currently trading at around 2670s. Our scenarios are in play after the NFP data is out. Let’s take another look at them with more in-depth outcomes. These scenarios are written from just a TA (Technical Analysis) point of view.
Scenario 1: long-term BUYS
-We broke above 2675.
With the break of 2675 we can expect a possible move up to 2690. With a retest back at 2700s, that would confirm continuation buys and we would have to keep our eye out on our next KL (Key Level) at around 2714 or previous highs at 2726.
Scenario 2: long-term SELLS
-We respected our KL and stayed below 2675.700.
If we start making our way down to 2646 and manage to break below it, we could see more sells in play down to 2604.
NFP DATA! WHAT’S COMING?
With the NFP data coming out tomorrow, we can expect huge volatility. Spikes are to be expected. With the Jobless claims report we got yesterday, we can possibly anticipate more positive numbers for the
DXY and potentially leading into more sells on XAUUSD which would play by our Scenario 2! If on the other hand the NFP data comes in lower than expected, we should follow by our long-term Scenario 1.
IMPORTANT KEY LEVELS:
-2690; breaks above would result in gold revisiting previous highs
-2675; breaks above would result in more upside
-2646; breaks below would result in sells
-2633; breaks below confirming lower levels
-2620; breaks below confirming lower levels
-2604; breaks below would confirm gold is bearish and we should see lower levels (2590..)
Personal opinion:
As the new financial year is here, and we are barely in the first weeks of trading, the direction for now is unclear until we break our mentioned key levels. The spikes we had last few days on XAUUSD did not give us the best or most optimal trading conditions. The market is undecided on the direction, until we get the NFP Data out. Stay patient and be smart.
KEY NOTES
- XAUUSD breaking above 2675 would confirm buys.
- XAUUSD failing to break above 2675 could result in lower prices.
- Breaks below 2646 would result in sells.
- The market has no directions until we get the NFP Data out on Friday 10th.
- Positive NFP Data would result in stronger DXY and lower prices on XAUUSD, potentially following our long-term scenario 2.
- Negative NFP Data would result in weaker DXY and higher prices on XAUUSD, potentially following our long-term scenario 1.
Happy trading!
FxPocket
Alright first, let’s take a step back and take a look at XAUUSD from a bigger perspective. For this we will be looking at the H4 time-frame.
XAUUSD is currently trading at around 2670s. Our scenarios are in play after the NFP data is out. Let’s take another look at them with more in-depth outcomes. These scenarios are written from just a TA (Technical Analysis) point of view.
Scenario 1: long-term BUYS
-We broke above 2675.
With the break of 2675 we can expect a possible move up to 2690. With a retest back at 2700s, that would confirm continuation buys and we would have to keep our eye out on our next KL (Key Level) at around 2714 or previous highs at 2726.
Scenario 2: long-term SELLS
-We respected our KL and stayed below 2675.700.
If we start making our way down to 2646 and manage to break below it, we could see more sells in play down to 2604.
NFP DATA! WHAT’S COMING?
With the NFP data coming out tomorrow, we can expect huge volatility. Spikes are to be expected. With the Jobless claims report we got yesterday, we can possibly anticipate more positive numbers for the
DXY and potentially leading into more sells on XAUUSD which would play by our Scenario 2! If on the other hand the NFP data comes in lower than expected, we should follow by our long-term Scenario 1.IMPORTANT KEY LEVELS:
-2690; breaks above would result in gold revisiting previous highs
-2675; breaks above would result in more upside
-2646; breaks below would result in sells
-2633; breaks below confirming lower levels
-2620; breaks below confirming lower levels
-2604; breaks below would confirm gold is bearish and we should see lower levels (2590..)
Personal opinion:
As the new financial year is here, and we are barely in the first weeks of trading, the direction for now is unclear until we break our mentioned key levels. The spikes we had last few days on XAUUSD did not give us the best or most optimal trading conditions. The market is undecided on the direction, until we get the NFP Data out. Stay patient and be smart.
KEY NOTES
- XAUUSD breaking above 2675 would confirm buys.
- XAUUSD failing to break above 2675 could result in lower prices.
- Breaks below 2646 would result in sells.
- The market has no directions until we get the NFP Data out on Friday 10th.
- Positive NFP Data would result in stronger DXY and lower prices on XAUUSD, potentially following our long-term scenario 2.
- Negative NFP Data would result in weaker DXY and higher prices on XAUUSD, potentially following our long-term scenario 1.
Happy trading!
FxPocket
Trade closed: target reached
We have reached 2714 on XAUUSD (hitting our Take Profit) and are now waiting for possible pullbacks/continuations or signs of possible long-term sells.
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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.
Join us for free at t.me/fxpocket or visit fxpocket.com
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.