Gold Weekly Plan (31 July to 4 August)
Hello traders,
There is a battle going on between the Bull and the Bear.
So what is my expectation or what does probability say for upcoming week trades?
Lets begin.
We saw a massive impulsive downward move from a key order block last week including positive GDP and Unemployment claim as well as FED raise their rate.
On Friday, Core PCE news came neutral in fact it was lower than June, personal income became lower as well as Employment Cost. That led the price to move 1963.xxx
This is matter of concern. Bulls are still active in the market and they are looking to up the price.
We have more news to come which will release this week.
Tuesday: ISM Manufacturing PMI, JOLTS Job Openings
Wednesday: ADP Non-Farm Employment Change
Thursday: Unemployment Claims, ISM Services PMI
Friday: NFP, Unemployment Rate
So we are now breaking down our trading plan for this week.
Monday (31 July)
Possible Gold Short from 1962-1965 zone and our target will be 1945-1948 as we do not have high impact news on Monday.
Tuesday (1 August)
Possible Gold Long from 1940-1945 zone and set our target at 1970-1975 as we are expecting negative PMI and JOLTS Job Opening.
If price comes to this buying zone on Monday then we will go long on Monday.
Wednesday (2 August)
Possible Gold Short from 1978-1973 zone and set our profit target at 1945-1940 zone as we are expecting a big positive ADP like previous one and hold this trade till Friday because we are also expecting on Thursday PMI and Unemployment will come positive.
Friday (4 August)
Possible Gold Long from 1935-1940 and set our profit target after this week.
We are expecting negative NFP and a stable Unemployment Rate.
These are all probabilities from our side. Market may react differently than we thought.
I will update this post according to our entry and observation.
Have a nice week.
There is a battle going on between the Bull and the Bear.
So what is my expectation or what does probability say for upcoming week trades?
Lets begin.
We saw a massive impulsive downward move from a key order block last week including positive GDP and Unemployment claim as well as FED raise their rate.
On Friday, Core PCE news came neutral in fact it was lower than June, personal income became lower as well as Employment Cost. That led the price to move 1963.xxx
This is matter of concern. Bulls are still active in the market and they are looking to up the price.
We have more news to come which will release this week.
Tuesday: ISM Manufacturing PMI, JOLTS Job Openings
Wednesday: ADP Non-Farm Employment Change
Thursday: Unemployment Claims, ISM Services PMI
Friday: NFP, Unemployment Rate
So we are now breaking down our trading plan for this week.
Monday (31 July)
Possible Gold Short from 1962-1965 zone and our target will be 1945-1948 as we do not have high impact news on Monday.
Tuesday (1 August)
Possible Gold Long from 1940-1945 zone and set our target at 1970-1975 as we are expecting negative PMI and JOLTS Job Opening.
If price comes to this buying zone on Monday then we will go long on Monday.
Wednesday (2 August)
Possible Gold Short from 1978-1973 zone and set our profit target at 1945-1940 zone as we are expecting a big positive ADP like previous one and hold this trade till Friday because we are also expecting on Thursday PMI and Unemployment will come positive.
Friday (4 August)
Possible Gold Long from 1935-1940 and set our profit target after this week.
We are expecting negative NFP and a stable Unemployment Rate.
These are all probabilities from our side. Market may react differently than we thought.
I will update this post according to our entry and observation.
Have a nice week.
Comment:
Our Monday trade hit Stop Loss.
We have to think differently now for Tuesday
We will short must if the price reaches the supply zone and we will long if the price reaches the demand zone.
Supply Zone: 1976.960-1979.165
Demand Zone: 1957.560-1959.255
We have to think differently now for Tuesday
We will short must if the price reaches the supply zone and we will long if the price reaches the demand zone.
Supply Zone: 1976.960-1979.165
Demand Zone: 1957.560-1959.255
Comment:
We are in GOLD buy from 1942 zone
Our Tuesday entry is triggered.
Our Tuesday entry is triggered.
Comment:
We are going to buy GOLD in this zone 1935-1940
Related Ideas
We have put our sell limit
Entry: 1962.500
SL: 1966
TP: 1946.500