Gold Spot / U.S. DollarUpdated This Weeks Trade Plan - October 6th, 2024
🚨 Price Update
🏅 Gold remained in a range this week with a low of $2625.00 and a high of $2673.37
🌍 Market News Update
This week’s news is likely to exert downward pressure on gold, especially if CPI and PPI figures reflect lower-than-expected inflation. Hawkish signals from the FOMC minutes and labor market strength would reinforce this bearish outlook.
📊 NEWS THIS WEEK 🏦
Thu, Oct 10
🔴 FOMC Meeting Minutes
Hawkish sentiment may strengthen the USD, bearish for gold.
🟡 Core CPI m/m
Forecast: 0.2% | Previous: 0.3%
Stable inflation, likely neutral for gold.
🔴 CPI m/m
Forecast: 0.1% | Previous: 0.2%
Lower inflation could reduce gold’s appeal.
🔴 CPI y/y
Forecast: 2.3% | Previous: 2.5%
Lower inflation signals, bearish for gold.
🔴 Unemployment Claims
Forecast: 229K | Previous: 225K
Slight increase in claims, but labor strength is bearish for gold.
Fri, Oct 11
🟡 Core PPI m/m
Forecast: 0.2% | Previous: 0.3%
Neutral effect expected.
🔴 PPI m/m
Forecast: 0.1% | Previous: 0.2%
Weak inflation, bearish for gold.
Trade Entries
This week was completely sideways on Gold, the range is wide enough to trade, so I'll be trading the range until a break out
📈 Buy Entry 1: $2,625.26 - $2,629.74
.🔄$2,640.18 – Buy Stop Entry if initial target is a miss
🔒 SL 1: $2,616.00
📈 Sell Entry 1: $2,673.74 - $2,669.03
🔄$2,660.67 – Sell Stop Entry if initial target is a miss
🔒 SL 2: $2,683.20
As always, our trades are guided by price action. While we can plan in advance, we adapt daily to the market, using key signals and indicators to inform our trading decisions.
🏅 Gold remained in a range this week with a low of $2625.00 and a high of $2673.37
🌍 Market News Update
This week’s news is likely to exert downward pressure on gold, especially if CPI and PPI figures reflect lower-than-expected inflation. Hawkish signals from the FOMC minutes and labor market strength would reinforce this bearish outlook.
📊 NEWS THIS WEEK 🏦
Thu, Oct 10
🔴 FOMC Meeting Minutes
Hawkish sentiment may strengthen the USD, bearish for gold.
🟡 Core CPI m/m
Forecast: 0.2% | Previous: 0.3%
Stable inflation, likely neutral for gold.
🔴 CPI m/m
Forecast: 0.1% | Previous: 0.2%
Lower inflation could reduce gold’s appeal.
🔴 CPI y/y
Forecast: 2.3% | Previous: 2.5%
Lower inflation signals, bearish for gold.
🔴 Unemployment Claims
Forecast: 229K | Previous: 225K
Slight increase in claims, but labor strength is bearish for gold.
Fri, Oct 11
🟡 Core PPI m/m
Forecast: 0.2% | Previous: 0.3%
Neutral effect expected.
🔴 PPI m/m
Forecast: 0.1% | Previous: 0.2%
Weak inflation, bearish for gold.
Trade Entries
This week was completely sideways on Gold, the range is wide enough to trade, so I'll be trading the range until a break out
📈 Buy Entry 1: $2,625.26 - $2,629.74
.🔄$2,640.18 – Buy Stop Entry if initial target is a miss
- 🎯 TP 1: $2,680.00
- 🎯 TP 2: $2,700.23
- 🎯TP 3: Leave portion of trade open
🔒 SL 1: $2,616.00
📈 Sell Entry 1: $2,673.74 - $2,669.03
🔄$2,660.67 – Sell Stop Entry if initial target is a miss
- 🎯 TP 1: $2,629.74
- 🎯 TP 2: $2,601.99
- 🎯TP 3: Leave portion of trade open
🔒 SL 2: $2,683.20
As always, our trades are guided by price action. While we can plan in advance, we adapt daily to the market, using key signals and indicators to inform our trading decisions.
Trade closed: target reached
Full TP :) 750 pips !
📈 Buy Entry 1: $2,625.26 - $2,629.74
.🔄$2,640.18 – Buy Stop Entry if initial target is a miss
🎯 TP 1: $2,680.00
🎯 TP 2: $2,700.23
🎯TP 3: Leave portion of trade open
🔒 SL 1: $2,616.00
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.