XAUUSD - KOG REPORT - NFP!

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This is our view for NFP today, please do your own research and analysis to make an informed decision on the markets. It is not recommended you try to trade the event if you have less than 6 months trading experience and have a trusted risk strategy in place. The markets are extremely volatile and can cause aggressive swings in price.

We’ll start by saying this isn’t really something we want to get involved in, with all the news in the markets, the backtracking of the feds Powell and on top of that uncertainty and fear in the markets, we will sit this one out unless we get the levels we’re looking for. We have two targets on Gold at the moment, the 1980-85 level and the level which seems way down below now which is around 1880-85. We’ve market the key levels on the chart with what we feel is the range and what we feel could be the movement for NFP based on the technical aspects of the chart, not the numbers!

We’re expecting DXY to tap out slightly above where it is now and then start a potential decline which if correlations allow will give Gold a small dip and then potentially push it up to test that recent high.

So as always, we’ll look at this with two scenarios in mind:

Scenario 1:

The price dips to the immediate support or, pushes up straight away. We will wait for the higher key levels 1963-5 and above that 1980, where if we see resistance we feel it would represent an opportunity to test the short trade back into the levels of 1950, 1930 and below that 1920.

Scenario 2:

The price drops from here, we will wait for the lower support levels of 1920 for a reaction, breaking this level we have our target below at 1880-85, that’s where we feel would be an opportunity to test the long trade back up into the levels of 1930 as the first destination.

We would like to see how the price reacts at the key levels as we’re expecting both our targets to get hit, either the higher first, then the lower. Or, the lower first then the higher.

New traders, sit this one out. The trade will come, let them push the price to where they want to grab liquidity from, exhaust and then potentially take a position. Control your lots sizes, this isn’t the market condition to be trying to get rich quick and always, always have a risk strategy in place.

As always, trade safe.

KOG