This is our view for NFP today, please do your own research and analysis to make an informed decision on the markets. It is not recommended you try to trade the event if you have less than 6 months trading experience and have a trusted risk strategy in place. The markets are extremely volatile and can cause aggressive swings in price.
We’re going to keep this brief today as its very likely we won’t be trading this release unless our key levels are hit and then we may look to take a position. So far this week we’ve hit the lower target on Gold and we’ve hit the 1913-15 target on Gold. This leaves us with two values, one above and one below that we now want to target. The level above is illustrated on the chart and is around the 1925 price region, this level we feel would represent an opportunity to take the short trade back towards the lower targets starting at 1840.
The lower target is an aggressive low which is situated around the 1825 region. A push on the price towards this level we feel would represent an opportunity to take the long trade back up to target the 1850, 1860 and above that 1880 levels. Just as we saw with the FOMC report we swung into our zone and the price reacted giving the short. This time we’ll wait again at the higher or lower regions and not get involved on the intraday levels, especially on a Friday!
Hope this helps in preparation for NFP. Please do support us by hitting the like button, leaving a comment and giving us a follow. We’ve been doing this for a long time now providing traders with in-depth free analysis on Gold, so your likes and comments are very much appreciated.
Not a day passes without looking for your chart and insightful analysis. I appreciate your holistic approach and generous sharing. Many thanks KOG.
KnightsofGold
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@resolveasia, Thank you for your kind words. Wishing you all the the best in your trading 🙏👍
emje_
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Hi KOG, thanks for having detailed report daily. Its really helped me. I’m wondering why you think its only go to 1925? Cannot go to 1930-40 as before your analysis? And is it bearish for gold for now or just a retracement in your point of view? Thanks!
KnightsofGold
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@emje_, It can go higher than that, but we want the low to be put in with a swoop to that level. Up, down and then up
emje_
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@KnightsofGold, oh nice! Thankyou for replying! But I wonder is it possible if it doesnt swoop to that 1835 level? Because the daily chart got higher low since touching the 1857 lvl.
emje_
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@emje_, i mean, is it possible the 1848 last time that have been hit was the lowest ? Then retrace to the 50% fibb which 1925 immediately go higher to 1942?