In the previous analysis, It was an excellent trade and reached the target zone (Please click the arrow on the chart to see the analysis).
Yesterday in the US session, we tried to BUY at 1775 but got stopped out at 1774 when US PMI data released. Then the chart showed a nice rejection candle after FOMC at 1759. My clients bought at 1762-65, and it reached some of our targets already.
Currently, it's still in consolidation inside 1765-1775, we all waiting for NFP, earnings, Jobless rate, and Jobless claims data.
Based on the price action, I reckon if it can break out and close above 1775, XAU will keep climbing to 1783, and the final target will be at 1795. But if it breakout 1765 and can breakout and close below the trendline, I reckon XAU will fall to 1740.
I rarely post an analysis that calls both sides of the possibilities, but right now, I'm neutral, it will depend on the US data, and we will react accordingly.
NFP is going to be wild, please trade safely!
Yesterday in the US session, we tried to BUY at 1775 but got stopped out at 1774 when US PMI data released. Then the chart showed a nice rejection candle after FOMC at 1759. My clients bought at 1762-65, and it reached some of our targets already.
Currently, it's still in consolidation inside 1765-1775, we all waiting for NFP, earnings, Jobless rate, and Jobless claims data.
Based on the price action, I reckon if it can break out and close above 1775, XAU will keep climbing to 1783, and the final target will be at 1795. But if it breakout 1765 and can breakout and close below the trendline, I reckon XAU will fall to 1740.
I rarely post an analysis that calls both sides of the possibilities, but right now, I'm neutral, it will depend on the US data, and we will react accordingly.
NFP is going to be wild, please trade safely!
Comment:
Just in:
USD
Final Services PMI 47.9
ISM PMI 57.1
USD
Final Services PMI 47.9
ISM PMI 57.1
Comment:
Chart update
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USD
Average Hourly Earnings m/m -1.2%
Non-Farm Employment Change 4800k
Jobless rate 11.1%
Jobless claims 1427k