Gold Investor fearing from today's NFP Data
XAUUSD Technical Overview:
Pivot: 1205.45 (1198.40)
Key Resistance: 1200.20 - 1202.55 - 1205.45 - 1207.23
Key Support: 1197.75 - 1195.25 - 1191.86 - 1188.44
Technical Indicator:
RSI: Indicator shows mixed bearish trend.
Moving Average: SMA 55 (1200.35) strong resistance & SMA 100(1197.28), SMA 200(1195.45) strong support for Gold today.
Technical Trade Idea:
Most Likely Scenario: short positions below 1205.45 with targets at 1195.25 & 1188.44 in extension.
Alternative scenario: Long above 1205.50 look for further upside with 1207.23 & 1210.55 as targets.
Overall, In the absence of any convincing, clear-cut catalyst the markets have been in consolidation mode. Cleary the markets are attaching a whole lot of significance to tonight’s NFP print as the markets have remained range bound as trader know the outcome of tonight’s data can significantly shape the market’s rate hike expectations and the near-term outlook for the USD. So indeed, there a lot riding on tonight employment data. Failing any USD surprises, expect current tight ranges to persist ahead of tonight’s data.
Volume and volatility are light after three days of heightened activity earlier this week. The market has held up considerably well this week in the wake of a stronger U.S. Dollar and rapidly rising U.S. Treasury yields. Perhaps the market is being underpinned by speculators betting the Fed will lose control of inflation.The direction of the market today is likely to be determined by trader reaction to the U.S. Non-Farm Payrolls report, due to be released at 1230 GMT.
Thanks
YoCryptoManic
Pivot: 1205.45 (1198.40)
Key Resistance: 1200.20 - 1202.55 - 1205.45 - 1207.23
Key Support: 1197.75 - 1195.25 - 1191.86 - 1188.44
Technical Indicator:
RSI: Indicator shows mixed bearish trend.
Moving Average: SMA 55 (1200.35) strong resistance & SMA 100(1197.28), SMA 200(1195.45) strong support for Gold today.
Technical Trade Idea:
Most Likely Scenario: short positions below 1205.45 with targets at 1195.25 & 1188.44 in extension.
Alternative scenario: Long above 1205.50 look for further upside with 1207.23 & 1210.55 as targets.
Overall, In the absence of any convincing, clear-cut catalyst the markets have been in consolidation mode. Cleary the markets are attaching a whole lot of significance to tonight’s NFP print as the markets have remained range bound as trader know the outcome of tonight’s data can significantly shape the market’s rate hike expectations and the near-term outlook for the USD. So indeed, there a lot riding on tonight employment data. Failing any USD surprises, expect current tight ranges to persist ahead of tonight’s data.
Volume and volatility are light after three days of heightened activity earlier this week. The market has held up considerably well this week in the wake of a stronger U.S. Dollar and rapidly rising U.S. Treasury yields. Perhaps the market is being underpinned by speculators betting the Fed will lose control of inflation.The direction of the market today is likely to be determined by trader reaction to the U.S. Non-Farm Payrolls report, due to be released at 1230 GMT.
Thanks
YoCryptoManic
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