GOLD
GOLD OUTLOOK SENTIMENTS:
Gold set a new higher high around $1974 area. A break towards $1985 is too far to clenched. On Wednesday during New York session, a report on job opening is higher, a pre-lim data that could potentially affect the anticipated news Non-farm payroll data. If Non-farm Payroll is set to be higher than expected, a great economic growth is stimulated. DXY (USD DOLLAR INDEX) will show upward momentum, whilst having an inverse effect on Gold’ price.
TECHNICAL ANALYSIS:
Gold retested the support of $1954 levels. Falling below 20 & 50 period MA. A break below $1950 will challenged Gold buyers. A short position is encouraged on this level.
RESISTANCE:
$1988.00
$1985.61
$1974.74
SUPPORT:
$1950.00
$1948.27
$1931.97
$1925.78
$1912.00
MY POSITION:
Traders are waiting for a big release of NFP tomorrow. I will then wait for tomorrow’s big market move and will try to target the said support levels, if NFP is higher. With regards to US ADP NON-FARM EMPLOYMENT CHANGE, US ISM MANUFACTURING PMI — if the indicator is higher than expected: execute a short position and try to target $1950-54 and $1948 as extension. I may not take a position as my attention is directed towards NFP data.