This Weeks Trade Plan – September 29, 2024

29 Sep

🚨 Price Update:

🏅 Gold prices hit a new high, surging to $2,685.26 📈💰

🌍 Market News Update
Expect downward pressure on XAUUSD this week due to strong employment figures and steady economic indicators if actuals are same as forecasted.

📊 NEWS THIS WEEK 🏦

Tue, Oct 1

• 🔴 Fed Chair Powell Speaks - Hawkish remarks may strengthen USD, bearish for gold.
  

Wed, Oct 2

• 🟢 ISM Manufacturing PMI - F: 47.6 | Pr: 47.2 - Slight improvement but below 50; may boost gold as a safe haven.
  
• 🟡 JOLTS Job Openings - F: 7.64M | Pr: 7.67M - Minor decline; minimal impact on gold.
  
• 🔴 ADP Non-Farm Employment Change - F: 124K | Pr: 99K - Stronger data shows economic resilience; reduces gold demand.
  
• Thu, Oct 3
  
• 🟢 Unemployment Claims - F: 221K | Pr: 218K - Slight increase; neutral or slightly positive for gold.
  

Fri, Oct 4

• 🟡 ISM Services PMI - F: 51.6 | Pr: 51.5 - Indicates expansion; stability expected.
  
• 🔴 Non-Farm Employment Change - F: 144K | Pr: 142K - Increase suggests job growth; improving economy.
  
• 🔴 US Unemployment Rate - F: 4.2% | Pr: 4.2% - Stable rate indicates continued economic strength; bearish for gold.
  

Trade Entries
- Looking at Entries in the green Buy Entry boxes, preferably close to the trend lines

📈 Buy Entry 1: $2,645.19 - $2651.19
.🔄$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 – Just below the next key support, minimizing downside risk


📈 Buy Entry 2: $2,626.18 - $2634.48
.🔄$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 – Just below the next key support, minimizing downside risk

📈 Buy Entry 3: $2,586.54 -$2594.22
🔄$2,600.67 – Buy Stop Entry if initial target is a miss

• 🎯 TP 1: $2,640.18
  
• 🎯 TP 2: $2,680.00
  
• 🎯TP 3: Leave portion of trade open
  

🔒 SL 2: $2,574.42 – Protecting the entry against further drops, placed below the support zone.

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.