Instrument: GOLD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1873.17 with take profit at 1875.13
Bearish Preference:
Sell position is envisaged if price trades below 1867.68 with take profit at 1865.20
Fundamentals:
1:15pm USD ADP Non-Farm Employment Change
7:00pm USD FOMC Statement
USD Federal Funds Rate
7:30pm USD FOMC Press Conference
Comment:
Gold prices are attempting to mount a counter-offensive today on the heels of a massive sell-off that has seen XAU/USD plunge more than 10% off the yearly highs. It’s the start of a new month with the FOMC rate decision and US Non-Farm Payrolls still on tap – IF gold doesn’t find a low at these levels, the technical damage could be profound for the longer-term uptrend. These are the updated targets and invalidation levels that matter on the XAU/USD technical charts. Review my latest Strategy Webinar for an in-depth breakdown of this gold technical setup and more.
Analysis: SCRUM Team
