The 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.
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.