Recap of Last Week:(That will influence upcoming week)
Last Week Gold slow uptrend follow by rally base rally and Friday NFP despite high Non-Farm Employment Change Acutal 206K then Forecast 191K which is higher than expected Gold should have dropped but with Unemployment Rate 4.1% ,there was a fast spike drop then pump followed by bullish trend on 4H timeframe till New York Close Gold Reached $2394.
To the average person it doesnt make sense that with the higher unemployment rate 4.1 and higher non-farms pays showing that more people are losing their jobs yet market is reacting in a postive way.We are not going up because unemployment rate is going up,we are going up based on the current situation we are in,we were waiting for the FED to cut interest ratest so when they begin to do that its going to be less expensive to borrow money for business and individuals(As last year high interest rate it was really expensive to borrow money).Business can borrow more money an hire more people.
Fed doesnt see 4.1% unemployment rate not high unemployment by any means,if unemployment rate continues to grow up Fed will see this as economy slowing down thats all what the FED wants to see so once they see it has slowed down enough then they can justify cutting interest rates sooner therefore trying to boost the economy further and quicker than what it was expected to.The whole point of market rising up is that market can foresee that FED wants to cut interest rate sooner to help fight higher unemployment thats the reason market is going up,not because more people are losing their jobs.Lower interest rates enable people to spend more money therefore boosting the economy by sending the stocks up higher for longer theory.Whereas.NASDAQ hitting all time high with Apple,Nvidia,Meta etc all time high.It almost feels like the market is so bullish and overbought that you dont wanna feel like buying at these levels that you want to become aggressive and open short positions which will hurt you because the direction will be against you.
This Week Gameplan:
We have Fed Chair Powell Testifies on Tuesday & Wednesday
CPI on Thurday and PPI & Prelim UoM Consumer Sentimenton Friday.
Observe Price on monday if you want to scalp you can within the range of 2360 look for buy positions and strickly avoid any sell positions.If price breaks above 2400 keep scalping and look for sell entries on thurday Tokyo session open a short during New York Session we Might see a pullback down followed by friday PPI and consumer sentiment.Gold is in full swing trading mode so you have to be patience with your trades.
Last Week Gold slow uptrend follow by rally base rally and Friday NFP despite high Non-Farm Employment Change Acutal 206K then Forecast 191K which is higher than expected Gold should have dropped but with Unemployment Rate 4.1% ,there was a fast spike drop then pump followed by bullish trend on 4H timeframe till New York Close Gold Reached $2394.
To the average person it doesnt make sense that with the higher unemployment rate 4.1 and higher non-farms pays showing that more people are losing their jobs yet market is reacting in a postive way.We are not going up because unemployment rate is going up,we are going up based on the current situation we are in,we were waiting for the FED to cut interest ratest so when they begin to do that its going to be less expensive to borrow money for business and individuals(As last year high interest rate it was really expensive to borrow money).Business can borrow more money an hire more people.
Fed doesnt see 4.1% unemployment rate not high unemployment by any means,if unemployment rate continues to grow up Fed will see this as economy slowing down thats all what the FED wants to see so once they see it has slowed down enough then they can justify cutting interest rates sooner therefore trying to boost the economy further and quicker than what it was expected to.The whole point of market rising up is that market can foresee that FED wants to cut interest rate sooner to help fight higher unemployment thats the reason market is going up,not because more people are losing their jobs.Lower interest rates enable people to spend more money therefore boosting the economy by sending the stocks up higher for longer theory.Whereas.NASDAQ hitting all time high with Apple,Nvidia,Meta etc all time high.It almost feels like the market is so bullish and overbought that you dont wanna feel like buying at these levels that you want to become aggressive and open short positions which will hurt you because the direction will be against you.
This Week Gameplan:
We have Fed Chair Powell Testifies on Tuesday & Wednesday
CPI on Thurday and PPI & Prelim UoM Consumer Sentimenton Friday.
Observe Price on monday if you want to scalp you can within the range of 2360 look for buy positions and strickly avoid any sell positions.If price breaks above 2400 keep scalping and look for sell entries on thurday Tokyo session open a short during New York Session we Might see a pullback down followed by friday PPI and consumer sentiment.Gold is in full swing trading mode so you have to be patience with your trades.
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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.
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.