Gold has been providing some excellent scalping opportunities post 8th October NFP. We did not end up trading our last plan due to disappointing NFP data but the price of gold fell anyway. We have been scalping both long and short between the intraday support of 1750 and resistance of 1765.
Looking at the 4H chart, we think gold will attempt to attack the 1770 area ahead of some key US data on inflation this week. If the price manages to close over 1770 on 1D timeframe we think another attempt on the NFP high will take place with the 22nd Sept high acting as the ultimate target.
Should 1770 fail though, gold could fall through 1750 to test the lower 1720s again.
Looking at the 4H chart, we think gold will attempt to attack the 1770 area ahead of some key US data on inflation this week. If the price manages to close over 1770 on 1D timeframe we think another attempt on the NFP high will take place with the 22nd Sept high acting as the ultimate target.
Should 1770 fail though, gold could fall through 1750 to test the lower 1720s again.
The initial move down from 1777 right after US CPI was a complete bear trap. We sold then bought 1760 and closed all trades over 1790. Now we are looking for support at 1777 to hold for the next move up.
Looks like gold will be bullish until the next FOMC.