Just an update to my last chart. BO confirmed and on our way! Long trade been active since 1236 :-)
See StochRSI. Looks like we have much further to go to the upside; DXY is polar opposite. Much bigger move up due, but careful there will be a pull back by Monday.
Happy pips traders!
Ok looking forward. NFP tomorrow. The forecast is for lower than previous = good for gold. Expect volatility initially followed by a move up. Tgt-wise depending on todays close, I'd hazard a guess, only a guess at this stage, of a spike to 1250. BUT be safe, take profit, expect a move to the downside as end-of-week selling kicks in toward the end of the NY session. I'd expect tomorrow to close somewhere around the 1240-1245 area ready for next week. After the drop buy and hold. There's only one realistic direction now until the end of January; seasonal rally + Brexit chaos = good times for gold. With tomorrow closing within my predicted range, expect a dash to 1340-1360 by the end of Jan. I'll update in due course, however I don't anticipate the usual Feb - Jun decline in Gold price... reasoning to come in future chart publications ;-)
Happy profitable trading :-)
Looking at the PA I'm not convinced there will be any pull back. This doesn't feel like a usual rally, nothing else to go on here but a gut feeling. Long trade remaining open over the weekend. Final price could see 1400 in Jan perhaps.
On further consideration there's no way XAUUSD will drop all that much. FED delaying rate increases and the miserable Brexit vote on Tuesday is a recipe for gold to push higher. Indeed 1400 is not unrealistic for Jan. Safe trading.
It should be no surprise that XAUUSD gained ground today. ADP and PMI information was worse than forecast for USD and thus it would be pertinent to price in a worse than forecast NFP tomorrow which already favours gold to the upside. I would plan on a further rally during tomorrow mornings NY session with a pullback in the afternoon. Be ready for a bigger jump to the upside on Monday.