XAUUSD - NFP!

This is our view for NFP today, please also do your own research and analysis to make an informed decision on the markets. Its advisable that if you have less than 1yrs trading experience you wait for the market to do what it needs to and come back to it on Monday.

So far this week week we've mostly ranged between 1770 and 1745 which has given traders a good opportunity to scalp the markets. So what can we see?

We have some indications that there is more movement down to come, however, this depends on how that 1770-85 level holds as resistance. We can see DXY has room to go higher and we have an indication on silver for lower pricing. The ideal scenario here would be for the price to go up towards the 1770 and above that 1785 level and face resistance. This is where we have been waiting for to add another short trade to target the lower levels. Breaking the said levels will likely mean we're going higher in Gold for now, there will be a lot of orders waiting at the 1800 psychological price point so please bare in mind it is possible for the price to go there!

We've done well this year shorting Gold but we feel we're getting closer to a turning point, for that reason we are holding our positions from above and not exposing too much around this area.

Support:

1750
1745
1725
1711

Resistance:

1765
1770
1785
1795
1803

As always, trade safe. We'll be back to normal service from next week.

KOG