First scenario:
as we know today we have unemployment claim results in about an hour,
we also had dollar weakening by yesterday's ADP news, which was 89k.
gold is still in a bearish move, but we can expect more unemployed people since previous actual results, so, gold may have some bullish potentials and may reach 1826.00 by this economic news,
my bias on USD is still weakening,
look here from bloomberg: "Fed’s Bid to Avoid Recession Tested by Yields Nearing 20-Year Highs"
means what?
breaking news may come exactly when USD unemployment claims comes up.
so be aware.
from technical view => gold formed almost a successful support around 1820, retested on 1826.18, rejected that area and continuing its bullish movement, i think we have the chance to ride gold up by breaking 1823 and with no retest we may see 1826 one more time.
after that we may hit PRZ zone #1 , then price may go for grabbing liquidity and touch zone #2, and continue its bullish movement.
secondary scenario:
price starts to go bullish before unemployment claim results , in that situation price may fail to touch 1826, and goes right straight above it, so there is not enough time to ride the gold, so in that case we may search for buy stops or any kind of impulsive entries, lets see how the market goes.
ps. if price breaks 1821.19, i dont even think about selling gold, i just observe the market and try not to open any orders for today, i will call it a day and enjoy the rest of my day with family and friends.
wish you luck traders.
as we know today we have unemployment claim results in about an hour,
we also had dollar weakening by yesterday's ADP news, which was 89k.
gold is still in a bearish move, but we can expect more unemployed people since previous actual results, so, gold may have some bullish potentials and may reach 1826.00 by this economic news,
my bias on USD is still weakening,
look here from bloomberg: "Fed’s Bid to Avoid Recession Tested by Yields Nearing 20-Year Highs"
means what?
breaking news may come exactly when USD unemployment claims comes up.
so be aware.
from technical view => gold formed almost a successful support around 1820, retested on 1826.18, rejected that area and continuing its bullish movement, i think we have the chance to ride gold up by breaking 1823 and with no retest we may see 1826 one more time.
after that we may hit PRZ zone #1 , then price may go for grabbing liquidity and touch zone #2, and continue its bullish movement.
secondary scenario:
price starts to go bullish before unemployment claim results , in that situation price may fail to touch 1826, and goes right straight above it, so there is not enough time to ride the gold, so in that case we may search for buy stops or any kind of impulsive entries, lets see how the market goes.
ps. if price breaks 1821.19, i dont even think about selling gold, i just observe the market and try not to open any orders for today, i will call it a day and enjoy the rest of my day with family and friends.
wish you luck traders.