NFP this coming Friday (June 2) and FED rate hike looming.
Good risk:reward for a long position based on a daily breakout from the 1250-1260 range. Entry on a pull back @1260 is ideal.. Higher highs expected.
Good risk:reward for a long position based on a daily breakout from the 1250-1260 range. Entry on a pull back @1260 is ideal.. Higher highs expected.
Note
Small rejection off minor resistance at the start of the week to form a pull back to the major broken resistance acting as support. Might start to see that push up soon.. correlates with a weaker USD but there is fundamentals in a couple days (NFP) so we could range and breakout at news release.Note
Weak NFP and weaker dollar caused gold analysis to run as planned. Trade idea still valid. Higher highs still expected with a weaker USD fundamentally present. Better risk reward for a long entry on a pullback to support (1275).
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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.