XAUUSD: NFP//Short-first, Then-long
After the initial rebound from a significant drop, it appears the market is ready for a secondary retest of the bottom support range. Keep a close eye on the 2742-2732 support zone. Should prices drop into this range before the data release, and if the data turns bearish, expect further downside with targets in the 2718-2712 range; in case of a stronger bearish impulse, prices may fall to the 2708-2703 region.
Alternatively, if the data supports bullish movement, prices could rise above 2760. Given recent data, bearish probability seems higher, so a “short-first, then-long” strategy is advised, with careful attention to entry and exit points.
Alternatively, if the data supports bullish movement, prices could rise above 2760. Given recent data, bearish probability seems higher, so a “short-first, then-long” strategy is advised, with careful attention to entry and exit points.
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The data unexpectedly dropped, with an initial value of 1.2, later revised to 11.2. The main reasons for this situation are that the data was collected during the week the hurricane made landfall, combined with the impact of the Boeing strike, which led to a significant discrepancy between the published value and market expectations. After the announcement, relevant authorities quickly revised it to 11.2; thus, gold prices did not see a substantial rise, instead experiencing a slight increase before falling back again.
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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.