XAUUSD : The focus turns to the upcoming US inflation report

During the January 8 session, crude oil prices dropped sharply and US government bond yields increased, causing difficulties for world gold prices. However, in the long term, gold has many grounds for a strong increase in price when the market believes that the Fed will almost certainly cut interest rates this year. ISM's latest PMI report showed that the labor market is showing signs of cooling, reinforcing the view that the Fed will have to decide sooner or later on when to cut interest rates. After "plunging" to $2016 yesterday, gold is currently recovering to $2032.

Today, before the US session, gold will likely rotate from 2033 - 2045. We can trade short-term and if after the European session gold breaks through Fibo 0.5 at 2045, gold will likely reach Fibo 0.6.

Trade active:

Buy 2031 - 2033

TP1 : 2037
TP2 : 2041
TP3 : 2045

SL 2023

Buy Limit : 2025 - 2027

TP1 : 2031
TP2 : 2035
TP3 : 2040
TP4 : 2045

SL : 2020

Comment:

running 35 pips

Comment:

HIT TP1 60 pips - Closed 1/2 Move SL to Entry

Comment:

Round 2 - Buy running 30 pips

Comment:

Buy 2031 Hit TP2 100 pips
Buy limit 2026 - hit 60 pips