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Gold Pullback on NFP NewsThe sentiment has been to sell USD as we start the new month in the fx market. Fundamentals haven't favored the dollar as covid numbers continue to rise and Non-farm Employment change has been disappointing. I see an opportunity for Gold to continue its trend upwards from August as we hit a slight resistance level at $1815.00. A price pullback may be just what the bulls need to steer past this area and upwards to the $1830 liquidity zone. Buy XAUUSD 1796.78 SL 1788.50 TP1 1823.415 TP2 1830.150 Here are the confluence details as follows: 1. $1800 is a known monthly level and key liquidity zone for prices to bounce time and time again. 2. A pullback into this area will form a HL into previous structural highs, a great opportunity to enter the market. 3. H4 0.618 fib retracement level 1796.78 right below monthly level to further build confluence case 4. NFP new coming in a couple of hours which generally favours the USD and solid volatility for prices to hit this level 5. Finally need some sort of price action signal or momentum change in order to enter the trade Note: Risk only 1-2% on any given trade. Happy NFP Trading.
OANDA:XAUUSDLong
by Altconomist
EURUSD before NFP! EURUSD before NFP! Just like every first Friday of the month- today we expect the NFP report. This is a type of event that causes big fluctuations and it's capable of reversing trends. That's what we expect to see today- a trend reversal or a trend confirmation. We currently have a nice uptrend on EURUSD which provided us with some good buying opportunities. However, price is currently at an important resistance and based on the news later on today we will see if there will be a rejection of this level or a continuation of the trend. If you're not trying to be aggressive here, then you should be looking for trades after the news and that means to do nothing before that! Then if you see a breakout (close above) of the 1,1910 level you could be looking for trend continuation trades and if there is a break below previous lows instead, then you will be looking for trend reversal opportunities. If you're willing to be a bit more risky you can sell now as long as you have your SL just above 1,1910. It's very likely to see price in both directions in the first few minutes, leaving wick on both sides of price, so if you will be doing this then make sure to use a proper lot size! Decide which option is best for you. Good luck!
by ForexTrendline
23
GBP/USD - A Strong Barrier of ResistanceThe dollar has come under pressure over the last couple of weeks as the economic data has necessitated a more dovish line from the Federal Reserve. The result is that, despite breaking below the 200/233-day SMA and into bearish territory, the pair has failed to gain much traction to the downside. We'll soon see whether that failure is temporary or more prolonged, with the pair now testing the upper end of that band from below. This also coincides with the 55-day SMA and the 38.2% retracement level of the June highs to July lows. On the 4-hour chart, this also coincides with the 200/233-period SMA band, so it's no surprise the pair is seeing so much resistance around this area. The rally over the last couple of weeks is seeing momentum slow, as evidenced by the rising wedge - a bearish pattern, and the stochastic and MACD on the 4-hour chart, where divergences are clear. That would suggest a continuation of the move lower is more likely but also that a break above 1.38 could trigger quite a sharp and bullish move higher, with stops above here potentially exacerbating any move. With Fed speakers and US data today and the US jobs report tomorrow, we may not have to wait long to see which it will be.
by OANDA
EUR/USD: NON-FARM-PAYROLLS - DATA EXPECTED TO BE STUNNING! ⚡Forecast 03 September 2021 The U.S. Federal Reserve has repeatedly made it clear that the main criterion for winding down support measures would be a stronger labor market. Most interestingly, after disappointing data in July, where unemployment rose to 5.9%, we saw a strong strengthening in August, with unemployment falling to 5.4%. Many analyst agencies have noted that the growth in the labor market has been hampered by those very "American" payouts. In other words, many companies noted labor shortages. Accordingly, the pay cuts that began in late June have not yet had time to affect the June data, but we have seen an excellent strengthening of the labor market in July. The number of jobless claims continues to decline. Both total and initial jobless claims are down. Perhaps not at the pace we would like, but it is continuing. Looking at the labor market, the Fed's goal of 4% unemployment could be reached very soon. Non-Farm Payrolls Employment : - Last data: 943K - Consensus Forecast: 750K The Non-Farm employment change measures the change in the number of people employed during the last month in the non-farm sector. Total Non-Farm Payrolls represent about 80% of the workers who produce all of the Gross Domestic Product of the United States. It is the most important piece of data contained in the employment report that offers the best overview of the economy. Monthly changes and adjustments in the data can be very volatile. U.S. Average Hourly Earnings YoY : - Last data: 0.4% - Consensus forecast: 0.3% This indicator shows the change in the average hourly wage level for major industries, except agriculture. Unemployment Rate : - Past data: 5.4% - Consensus forecast: 5.2% The unemployment rate measures the percentage of the total labor force that is unemployed but actively looking for a job and willing to work in the United States. A high percentage indicates weakness in the labor market. A low percentage is positive for the U.S. labor market and should be taken as a positive factor for the USD.
Short
by FOREXN1
4
Gold Bargain Bullish toward - 2104Majority have been eager to buy and buy and buy, yet on the daily we can see a hard rejection off 1830.00 This shows us the amount of buy stops accumulating at this level , notice price triggered and dropped = heading toward majority of SL placements ( below 1810.00 ) *We need moves like this to switch the consensus of retail to take the opposite sides of positions , COT Data shows more longs than shorts, yes, however pay attention to COT data from commercials and producers Commercials and producers will need managed money to take the other side of their orders, and non commercial need non reportable and commercial to take their opposite sides = they all make a profit We cannot buy from above 1800 …this is an expensive price ( psychological number ) which behavior of price today confirms price looking for a more “ suitable “ price to buy at = in other words - Gold has just gone on Sale
SAXO:XAUUSDLong
by HuracanFX
Gold August 2021 FlashcrashGoodmorning guys, What a night. After gold lost more than 900 pips in an hour, gold pared its losses back to 1750. We have 2 scenarios in play; either bears want bearish continuation and want to test the monthly bullish trendline that goes back 3 years ago, or we have a big a$$ W-formation targeting new ATH. Not a great setup to trade and too risky for me, so I am taking a little break to see more confirmation. There is always another day. For now 1750 seems broken and acts as resistance. Trade safely.
OANDA:XAUUSD
by CesaroPelucci
1
Key Points From The U.S. NFP Jobs Report (09 August 2021)KEY POINTS: In July, 943,000 jobs were created Highest figure since August 2020; main driver of this strong increase is the Leisure and Hospitality sector Number of jobs created in June was revised upwards from 850,000 to 938,000 Number of jobs created in May was also revised upwards from 583,000 to 614,000 Total number of jobs at the moment is still around 5.8 million below the pre-pandemic level Unemployment rate declined from 5.9% to 5.4% Average hourly earnings rose by 0.4% Rising demand for labour likely led to the rise in earnings Participation rate inched higher from 61.6 to 61.7
TVC:DXY
by GH_Lee
Non-farm Payrolls - Data Expected to Be Stunning!Following last week's Fed meeting, it was clear that the central bank was only putting off hawkish rhetoric, but was not ruling it out in the near future. Consequently, the basis for expectations is there, we just need data that would indicate that the economy continues to grow. The hope is the U.S. unemployment report coming out this Friday. It is expected that job growth, the most important indicator in terms of the Fed's post-pandemic policy impact could show a figure close to a million. If the economy creates more jobs than forecast, the odds increase sharply that the Fed will warn in August about a policy adjustment - a reduction in the pace of asset purchases (treasuries and mortgage-backed securities), probably this year. In that case, long-dated bonds would become slightly less profitable, given the approval of the infrastructure plan, which would require new borrowing, investors could start exiting treasuries en masse. Non-Farm Payrolls Employment Last data: 850K Consensus Forecast: 880K The Non-Farm employment change measures the change in the number of people employed during the last month in the non-farm sector. Total Non-Farm Payrolls represent about 80% of the workers who produce all of the Gross Domestic Product of the United States. It is the most important piece of data contained in the employment report that offers the best overview of the economy. Monthly changes and adjustments in the data can be very volatile. U.S. Average Hourly Earnings YoY Last data: 0.3% Consensus forecast: 0.3% Unemployment Rate Past data: 5.9% Consensus forecast: 5.7% The unemployment rate measures the percentage of the total labor force that is unemployed but actively looking for a job and willing to work in the United States. A high percentage indicates weakness in the labor market. A low percentage is positive for the U.S. labor market and should be taken as a positive factor for the USD.
Short
by FOREXN1
8
GOLD after NFP! Where is it going?During the last month GOLD has been ranging between the 1790-1930 levels. Sooner or later everything is changing and this will end. The news today are a suitable moment for a breakout of this range. The initial impulse is strong and we now have a close below the support. The next support to keep an eye on is at 1760! If you currently have any short positions you can leave them with those targets and also move your SL to break even. We don't suggest entering any short trades now with targets at 1760. If you get involved now, then you won't have a good risk to reward ratio! That's why it will be better to miss this move rather then enter a position right now. In case of a pullback to the resistance, then we could look for a reversal signal and then possibly find a better entry. Are we going to have another entry opportunity? Well, that depends on how this move will continue. Follow us to see how this situation on GOLD will develop! Support us by follow, like and leave a comment down below!
FX_IDC:XAUUSD
by ForexTrendline
25
Gold Following our predictionFirstly, I would like to highlight the breakout even from last sideway zone 1806-1809. The price gain momentum and going down almost immediately to 1797.88 before making pullback and close below the sideway zone. This show that now, the price will looking for the nearest resistance before continuing its journey to our buy zone. And as for now, after the price making retracement at the 1806-1809 zone, the price go to our SND Zone for buy which is the yellow zone, 1798.51-1800.48. and now its playing around the zone for quite several times today (See H1). I am expecting the price to hit the lowest nearest support at Super Low Risk by NFP today. MY PLAN FOR NFP? 1. If the price still around this zone (1798.51-1800.48), I will looking for breakout and scalping for sell with closest target @ 1796-1794. Second TP would be to Super Low Risk zone @ 1790- 1793. And the we are looking for buy in the zone. But to trade at first TP area for buy position is quite risky because of price momentum during NFP, thus i suggested to wait the data and also for super low risk zone. 2. If the price already went down, we just wait for retracement in the SLRZ (super low risk zone) or LRZ (low risk zone), depend on the timing, momentum, and price action. Most important not to hold your position for too long. Just take your profit if Full Margin around 20-30 pips, or maybe take control manually your trade to avoid big losses. Anyway, NFP is a very high risk and volatile trading, thus manage your capital wisely. Its an event for going big or go home. If you have some willing to lose money without any regret, this is your time. If there is any opinion regarding my idea, you guys can comment and we will discuss different view regarding our market today. Best of luck guys. -EraBiru, HXF Academy- HXF FX
FOREXCOM:XAUUSDLong
by ridzwanfahmie1
XAU- Before the storm.NFP day, the excitement for the month, and I have picked up on this harmonic structure on the 30m timeframe, Now if we can see DXY make a move down to S3 support and the weekly low around 91.80 this harmonic will work a treat, However you need to wait for confirmation of this move, we need volume or PA to tell us we have found support, currently price is struggling and hasnt reacted that strongly, but we are in a dead spot before London and New york and more importantly for today the NFP volume, Proceed with caution, but thought id share what I see currently with you guys.
OANDA:XAUUSDLong
by UnknownUnicorn25686702
3