In yesterday's trading session, gold tumbled from around 1177 down to 1751. Throughout the mid New York session, gold managed to pullback some of the earlier loses and closed for the day just above 1760. Should the ADP and NPF report come in hot, that might add some additional bearish strength to the downside. Looking at the weekly chart, you can see the precious metal is hovering around a critical support cluster with hardly any demand. In the event we get some bearish continuation beyond the support confluence zone, expect this pair to trend down towards 1690.
== Trade Idea ==
Wait to see what happens on Wednesday with the ADP figures before deciding to go short. If gold sells off from strong jobs data, I expect there to be a pullback to the upside at some point where it should present itself with a low risk short selling opportunity. On the other hand if the ADP report comes in negative, look for a possible short around 1780 as the rally shouldn't continue for too long as all eyes will then focus on Friday's NFP
== Trade Idea ==
Wait to see what happens on Wednesday with the ADP figures before deciding to go short. If gold sells off from strong jobs data, I expect there to be a pullback to the upside at some point where it should present itself with a low risk short selling opportunity. On the other hand if the ADP report comes in negative, look for a possible short around 1780 as the rally shouldn't continue for too long as all eyes will then focus on Friday's NFP
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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.