18hrs
Long

September 2nd Non Farm Numbers, What's The Story Here?

FX_IDC:XAUUSD   Gold / U.S. Dollar
Looks like a lot of traders are going to get hacked to bits between the potential range of $1290 to $1325 because the Fed is doing what it does best, fear mongering about a rate hike. This is only helping the Fed play the longs into their hand by forcing them to give up their positions in gold             . A close under $1308 after Friday’s Non Farm numbers will increase the likelihood of traders believing that a break below $1300 is possible.

IF the Fed hikes in September (I doubt that they will), this will inevitably lead to QE . From what I can see in the charts right now, gold             is experiencing a consolidation pullback that is typical during the summer months, and should be completed in the early part of September. A close over $137X will challenge for a quick breakout towards the $1410-$1420 range. Don’t get caught with your pants down because it’s going to be lightening fast when it happens.
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