XAU/USD update - Non Farms - Double edged sword

7 oct. 2021

Update on the price action of gold - It seems to be forming a bearish structure ahead of non-farms payroll. The US10YR and the US dollar seem to be working against gold both acting as a double edged sword. If the US dollar weakens, the strength of the US10yr kicks in. Both forces working against a pure bullish run from gold. If due to non farms, it turns nasty, I still think gold has a chance of a bullish run up to 1930, but be prepared... Take note of the price of the Lower Bollinger band on the weekly chart, it looks to me as if there's a possibility of this price being touched in the worst case scenario...A close and break below 1712 level would be damaging for a bullish case in gold, but if it holds then plan remains in place. After all, a wick is only a wick, it's the close of the weekly candle that counts and where the body of each weekly candle closes.

7 oct. 2021

Note

Our last data set is as follows: ADP Non-Farm Employment Change
FORECAST 425K ACTUAL 568K (Positive USD)

With this is mind, that is enough to push gold down for now.

7 oct. 2021

Note

Short term trade ideas: Shorts could be placed for a short term move - TP's for shorts could be 1729, LOW of last week comes in at 1721.52 spot on my platform, So then if shorts hit TP and clear, Long positions could be initiated between 1725.80-1729 with stops placed below 1721.52 spot, TP's are a personal choice

7 oct. 2021

Note

Long trade ideas:
- Long positions could be initiated between 1725.80-1729 with stops placed below 1721.52 spot, TP's are a personal choice
- If Last weeks LOW is breached, LIMIT BUYS could be also be placed between 1711-1714, $10 stop would suffice