VietnamGold

Gold - 2 Scenarios For Non-Farm Payroll Day

FX_IDC:XAUUSD   GOLD / US DOLLAR
212 4 7
Gold             has made a minor bounce after touching 1200 support area. A break out is due. NFP will be a game changer. If solid number comes out, gold             might drop. If NFP is bad such as less than 150K, gold             could run to the upside. I predict 2 scenarios for gold             as charted.

1. First scenario :
Gold             breaks out of the neckline and runs to the upside at 1242. This is an inverted head & shoulders pattern.

2. Second scenario :
If Gold             breaks down the green trend line support, triangle pattern confirms. It may lead to a break down of support @1200- 1205. By using AB = CD pattern and the down channel, the target is around 1186.

With ADP number is in line with expectation, NFP number may be in line as well. Therefore, 2nd scenario is slightly favored as the downside. Still the unexpectation can happen. So watch out for both.

Stay Tuned.
All that glitter is not gold !
VietnamGold
6 months ago
NFP number is super weak. First scenario is the case here. Gold is targeting 1242.
Reply
VietnamGold
6 months ago
Gold has reached its inverted head & shoulders pattern target at 1242 as 1st scenario happened. If you buy a break out at 1222, you will make 200 pips by now. Nice one.
Reply
PooyaSalehipour
6 months ago
very well done,
Reply
KwasiSarpong
6 months ago
Great job, looking forward to trade with you july 1st
Reply
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