Thread: Gold
I am looking at this level (1325-1326) to short gold for a well over due decent pullback before tomorrows NFP. Price seems to be weakening to indicate a pullback during the US session. I am not including a TP or SL as I will watch for my own entry triggers of price reversing.
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Hanif484 (2019-02-05), Tanveer333 (2019-02-05)
Not necessarily will it require a rate change to cause gold to drop. It could be a possibility that people buy gold ahead of key major event in fear of uncertainty. As long as Fed doesn't announce anything shocking (eg. reduce in rate), then it could still cause a sell off as people unwind their position. Just a possibility to consider
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Tanveer333 (2019-02-05)
I don't think so. Current drop in price due to reaction of news. FOMC is not going to change rate. So gold will probably follow it's trend technically. Let's see where price will close this week after employment data.
P.S. I don't do intraday trade that's y my analysis is based on little long term i.e. day/week
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Hanif484 (2019-02-05)
You also need to learn to hedge. Find correlation pairs.
Try DOW30 and gold. Check this out. Try Aud in relation to gold
Try cad in relation to oil and so on.
Find out your best pair.
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Hanif484 (2019-02-05), Tanveer333 (2019-02-05)
I agree with you. It's been a mental stress on how far can my loss go. I haven't slept well thinking it will hit margin call. I have to considerably lower my position value and exposure to just one pair. Hereafter I will plan a more spread out approach.
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Asif777 (2019-02-05), Tanveer333 (2019-02-05)
As per my previous experiences with NFP releases, it was average hourly income has dictated the dollar index. It has direct implication on the inflation and spending
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Hanif484 (2019-02-05)
I think XAU will resume its normal bullish trend. strong support at 1317.5. Lots of needles lining up.
I have added long at 1320.8 tp 1325.5 sl-1318.5.
Post
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Hanif484 (2019-02-05), Tanveer333 (2019-02-05)
hoping sharp bounce for atleast 50 pips from 1305 level.or even before that wait for a pin and BUY with small chunks. not at once
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Asif777 (2019-02-05), Tanveer333 (2019-02-05)
News is just to shake the market for little while then it goes it own way.
See.. last NFP data was tremendous then revised data was almost with 100K difference of announced one.
Now again NFP showed huge numbers but unemployment rate is getting higher n higher.
Apparently it looks there there is no connection. Having said that I am sure there is still a signal of market direction but only to those who know it and they r very few.
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Asif777 (2019-02-05)
Today analysis for the pair of :Gold
--- Trading opinion for the best profitable trade: Open buy ---
I recommend this trading trend for all my friends because I made this recommendation after the great experience of trading and analysis of fundamental approaches. Best of luck
Resistance level of this pair is:
1# Resistance is: 1316.65
2# Resistance is: 1319.11
3# Resistance is: 1323.08
Supporting level of this pair is :
1# Supporting is: 1308.71
2# Supporting is: 1306.25
3# Supporting is: 1302.28
Though trading on financial markets involves high risk, it can still generate extra income in case you apply the right approach. By choosing a reliable broker such as InstaForex you get access to the international financial markets and open your way towards financial independence. You can sign up here.
Asif777 (2019-02-05), Hanif484 (2019-02-05), Tanveer333 (2019-02-05)
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