In my last idea i mentioned that as long as we are in consolidation its a great scalping opportunity for buyers and sellers but keeping in mind that in the long run gold is going to break upwards towards the distribution.Today on wednesday it did on 4H timeframe and price is expected to make a retracement around 2335-50 and make its way up .
If your holding your long from anywhere 2296-2320 you should put it in breakeven and let it run.For fresh entries wait for $2335-40.Sl 2325.Our weekly target is 2380-2400.Since there is US Holiday on thur today there is ADP non-farm,unemployment,ISM,FOMC.Lots of data to push market upwards.Even the fact the data coming from US is strong as economy is still strong.Fed is not going to cut any rates this year as previously 3-4 rate cuts was reduced to 1 rate cut this year after strong data and if this data keep flowing strong the stance might chance to no need to rush for rate cuts (which means no rate cut) this year.Which will be quite bullish for the Gold.
Yesterday before & during Powell speech which was dovish pushed Gold to pumped to $2335 and JOLTS data was higher than expected which was be bad for gold it should have broken downwards but large seller pressure and strong bullish momentum on 4H suggested price moving towards the distribution area.As ADP,unemployment,ISM and FOMC is going to price in the rate cut and dovish stance of fed.
Thursday is US bank holiday and NFP on Friday.
If this idea gets +25 boost i'll make a detailed video on YT explaining intraday setup for Friday NFP.
If your holding your long from anywhere 2296-2320 you should put it in breakeven and let it run.For fresh entries wait for $2335-40.Sl 2325.Our weekly target is 2380-2400.Since there is US Holiday on thur today there is ADP non-farm,unemployment,ISM,FOMC.Lots of data to push market upwards.Even the fact the data coming from US is strong as economy is still strong.Fed is not going to cut any rates this year as previously 3-4 rate cuts was reduced to 1 rate cut this year after strong data and if this data keep flowing strong the stance might chance to no need to rush for rate cuts (which means no rate cut) this year.Which will be quite bullish for the Gold.
Yesterday before & during Powell speech which was dovish pushed Gold to pumped to $2335 and JOLTS data was higher than expected which was be bad for gold it should have broken downwards but large seller pressure and strong bullish momentum on 4H suggested price moving towards the distribution area.As ADP,unemployment,ISM and FOMC is going to price in the rate cut and dovish stance of fed.
Thursday is US bank holiday and NFP on Friday.
If this idea gets +25 boost i'll make a detailed video on YT explaining intraday setup for Friday NFP.
Trade closed: target reached
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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.