XAUUSD - KOG REPORT - NFP!!

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 these events can cause aggressive swings in price.

Before we start we’re going to say that we will not be trading this event, it’s the end of the week and we’re nearing the end of the year, we would rather sit and observe the price action. Anyone telling you to trade here is most likely going to put you at risk. This is simply our view which we are sharing.

These are the levels to look out for:

Support:
1765
1752-50
1748
1735-7

Resistance:
1777-9
1785
1795-7
1804-7

There are a couple of scenarios on todays chart. The reason for this is there are numerous patterns on the chart and they’re contradicting.

Scenario 1:

The price goes up from here and faces support around the 1795-97 level, if the resistance is strong this could be an opportunity to short the market down towards the 1750 level initially, and below that 1735ish. At the lower level wait for strong support and that could be an opportunity to then go long!

Scenario 2:

The price goes down from here, we will not be looking to buy unless we see a strong level of support, that will be our lower level around the 1735-30 price region. If it settles there this could represent an opportunity to go long on the market.

As always, trade safe

KOG