NFP this coming Friday (June 2) and FED rate hike looming.
Good risk:reward for a long position based on a daily breakout from the 1250-1260 range. Entry on a pull back @1260 is ideal.. Higher highs expected.
Good risk:reward for a long position based on a daily breakout from the 1250-1260 range. Entry on a pull back @1260 is ideal.. Higher highs expected.
Comment:
Small rejection off minor resistance at the start of the week to form a pull back to the major broken resistance acting as support. Might start to see that push up soon.. correlates with a weaker USD but there is fundamentals in a couple days (NFP) so we could range and breakout at news release.
Comment:
Weak NFP and weaker dollar caused gold analysis to run as planned. Trade idea still valid. Higher highs still expected with a weaker USD fundamentally present. Better risk reward for a long entry on a pullback to support (1275).