XAUUSD for Thursday and Friday

I am Neutral about Gold. Looks like the price will hit 1249 or 1265 area before reversing.

As a Bull, I am looking for pullback to re-enter, and as a Bear, I am looking at turning point today. So both parties might agree on a drop for today.

I set a short order at 1249 and 1265, which target 1238 and 1220 respectively. Both stops at 1269. Manage your own margin.

If it is a genuine bullish run, price will shoot up again at 1238 or 1220. If it is not, it will continue to drop till Friday to form a shooting star weekly candle for Gold. Let's monitor and have an open mind.

Comment:

If 1H candle close below 1236, consider shorting on retrace before Employment claims meeting. This is is a good signal, stop will be above 1245.

Comment:

1H close is so important. I guess moving on for real action at 0930 later.

Comment:

After I analyze further, there will be 2 scenarios here:

Scenario 1: All mentioned above

Scenario 2: If price dip to 1220, I will enter Long and target 1265 (short term)

Stay nimble, and good luck!

Trade active:

1st TP 1228
2nd TP 1220

Cover your profits, will exit from 1220 and observe Asian time.

Comment:

Trades are doing ok, stick to the TP and don't over-trade. Looking at the movement, this might be a genuine reversal (bear) or a deeper retracement (bull). Depending on the 1D candle shape, I cannot comment right now.

If it continue trading below 1220, we will aim lower tomorrow on retracement. Good Luck and God Bless.

Trade active:

TP 1, 1228 reached. Congrats, since 1220 is not reached within the day, stay nimble and watch that up-slope.

Trade closed manually:

Undesirable 1H bullish close. We will assess and re-enter at NY time. Cheers.