Intraday analysis - GOLD - ( 9 MAR 2023 )
Price is currently ranging with relatively low volume in preparation for tomorrow's high impact news. This is very common as before a high impact news like NFP / FOMC , price of gold tends to consolidate and have choppy price action.
I am expecting good data for NFP whereby based off PMI we have good data and PMI is generally used as a reflection of how good NFP would be. However this is still just a gauge and waiting for data to release is a wiser option.
My analysis stands with
HRHR SELLS AT 1828
MRMR SELLS AT 1820
SAFEST SELLS BELOW 1812
Note that if we fail to break the lows at 1809, scale out or leave a small runner
However if we break the intraday high at 1823, we can potentially head towards 1828 and a break of 1828 we can head towards 1832.
HRHR BUYS AT 1823
MRMR BUYS AT 1828
SAFEST BUYS ABOVE 1832
Based off all the key fundamentals this week , from ADP , JOLT JOBS , FED CHAIR TESTIFYING , USD dominance is back and i will be playing by the fundamentals backing my trade hence my bias i shorts.
However if the employment data released tmrw is bad , do expect a higher retracement to greater sell side liquidity or even a potential shift in market sentiment. An updated analysis will be given after NFP on Monday. Personally i need a new low to be printed on Gold for more confirmations that price will head lower in the coming weeks.
ADVICE : DONT TRADE HIGH IMPACT NEWS. CAPITAL PRESERVATION IS KEY AND TRADE OPPORTUNITIES WILL ALWAYS BE THERE AFTER THE NEWS.
Price is currently ranging with relatively low volume in preparation for tomorrow's high impact news. This is very common as before a high impact news like NFP / FOMC , price of gold tends to consolidate and have choppy price action.
I am expecting good data for NFP whereby based off PMI we have good data and PMI is generally used as a reflection of how good NFP would be. However this is still just a gauge and waiting for data to release is a wiser option.
My analysis stands with
HRHR SELLS AT 1828
MRMR SELLS AT 1820
SAFEST SELLS BELOW 1812
Note that if we fail to break the lows at 1809, scale out or leave a small runner
However if we break the intraday high at 1823, we can potentially head towards 1828 and a break of 1828 we can head towards 1832.
HRHR BUYS AT 1823
MRMR BUYS AT 1828
SAFEST BUYS ABOVE 1832
Based off all the key fundamentals this week , from ADP , JOLT JOBS , FED CHAIR TESTIFYING , USD dominance is back and i will be playing by the fundamentals backing my trade hence my bias i shorts.
However if the employment data released tmrw is bad , do expect a higher retracement to greater sell side liquidity or even a potential shift in market sentiment. An updated analysis will be given after NFP on Monday. Personally i need a new low to be printed on Gold for more confirmations that price will head lower in the coming weeks.
ADVICE : DONT TRADE HIGH IMPACT NEWS. CAPITAL PRESERVATION IS KEY AND TRADE OPPORTUNITIES WILL ALWAYS BE THERE AFTER THE NEWS.