Looks like a lot of traders are going to get hacked to bits between the potential range of $1290 to $1325 because the Fed is doing what it does best, fear mongering about a rate hike. This is only helping the Fed play the longs into their hand by forcing them to give up their positions in gold. A close under $1308 after Friday’s Non Farm numbers will increase...
As can be seen price has broken out of the wedge formation. What usually happens now is a deep retracement back into the wedge and a spike back out continuing the upwards trend towards a re-test of previous highs.
The farms rolls tomorrow are historically the worst and this should give a perfect opportunity for bulls to carry price higher.
See below for a double...
Total NFP confirm the positive developments in unemployment rate. The data trends firmly upwards since 2011 and has surpassed the pre-crisis peak of 2008.