VietnamGold
Long

Gold - How To Trade After NFP Day

FX_IDC:XAUUSD   GOLD / US DOLLAR
301 1 11
8 months ago
After non-farm payroll number came out very bad @38K, gold             has broken out the range 1200-1220 to trade as high as 1242. Looking at the 2hr             chart we can see the followings:

- Gold             has reached its FIBO 38.2% retrace of the down run from 1303 to 1199, which is around 1240.
- Gold             made a shooting star candle on 2hr             frame chart.
- Support is around 1225-1230 (The yellow areas). Notice 1224 is 23.6% FIBO retrace of the recent down run while 1230 has proved to be a good support with a few of tops around that price on the left structure.
- Can draw a downtrend line from 1303 connecting lower highs. Gold             may go up there.
- Short term bullish sentiment in gold             is still very strong after bad NFP number so gold             probably will climb further next week.
- The next target is around 1260-ish, coincides with 61.8% FIBO retrace at 1263 and resistance by downtrend line.

What to do:
- Wait for gold             to pull back at 1225-1230.
- Set a buy limit around 1227-1232 with a tight stop loss under 1220, and target 1260.

I think Asian traders have bought a lot this week so next Monday they may take some profit. Gold             has ran up $30 today so it is logical to take profit first. This mean gold             could consolidate a bit before rocketing higher.
8 months ago
Comment:
snapshot

Gold made a gravestone doji on 2hr chart. Let's see if it will start retrace now.
8 months ago
Order cancelled: Orders has been cancelled since gold only made a minor retrace to $1235. I set my buy limit @1232 and it did not hit. Now gold has bounced back from $1235 and is trading @1250 so i will cancel my buy limit since price will go up further from here. I'm not going to chase the price and will wait for another setup.
All that glitter is not gold !
VietnamGold
8 months ago
snapshot

Gold has retraced to $1235 before bouncing back to $1245. The pull back seems quite shallow. It looks like it is running flat within a channel. A break off this channel will give hints to the next move of gold.
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