GOLD TRADING IDEAL 09 NOVEMBER
Gold was trading inside the black down trend channel for a long period, but got impulsive breakout to the upside after breaking 1680-1683, which was a strong resistance for a long time. (metntioned in all previosu reports)
from fundamental it was the last week labor data and unemployment rate , which cause the weakness in dollar and strngth gold,
we have CPI data tomorrow which will be very important for the next move from gold.
trade setups for today.
1.We are expecting some deeper pullback to level 1728-1730 before CPI tomorrow, setting better price for sellers if no improvements or decrease in inflation and FED's hawkish path will continue, in this case all the gains made by gold will be faded away.
2.As there are not much point of reference we have in this impulsive upside move, we will take a long entry above 1715-16 after a confirmation in smaller time frame Targeting 1728- 1730
3.As per the chart 1731-132 will be still key level to short tareting 1710-1712.
4. if gold corrected after yesterday's aggressive move , expecting atleast 50% correction ,any move below 1698-1700 will be a sell entry after conformation on smaller time frame Targeting -1680 ( back TEST to previous strong resistance)
from fundamental it was the last week labor data and unemployment rate , which cause the weakness in dollar and strngth gold,
we have CPI data tomorrow which will be very important for the next move from gold.
trade setups for today.
1.We are expecting some deeper pullback to level 1728-1730 before CPI tomorrow, setting better price for sellers if no improvements or decrease in inflation and FED's hawkish path will continue, in this case all the gains made by gold will be faded away.
2.As there are not much point of reference we have in this impulsive upside move, we will take a long entry above 1715-16 after a confirmation in smaller time frame Targeting 1728- 1730
3.As per the chart 1731-132 will be still key level to short tareting 1710-1712.
4. if gold corrected after yesterday's aggressive move , expecting atleast 50% correction ,any move below 1698-1700 will be a sell entry after conformation on smaller time frame Targeting -1680 ( back TEST to previous strong resistance)
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