Yesterday gold extended the bullish pullbacks that started tuesday after we bounce off the strong demand zone 1800's liq zone and got bad US data.
As today was the first day of the new business month, we knew that deeper pullbacks in to better supply zones on the intraday to set up price for the new month was probable
ISM manufacturing PMI came out above previous but below consensus at 47.7. This data was more neutral but the ISM new orders and ISM prices both came out strongly improved,
which led to some short dollar strength. On gold with this data we made a new high of 1844 but unable to break above.
If price breaks above 1836 Pwe might see some deeper pullbacks in to the 1850's to collect more sell orders at better price points for the new month.
In terms of economic data tomorrow we have:
> Initial Jobless Claims (previous 192K, consensus 195K).
> Fed Waller Speech (22:00 CET).
TRADE IDEAS FOR THE DAY,
We have a short term bias of gold buys we in long term we are still into gold sells,
Pullback to 1832 & 1836 is gold buys Targeting 1852
We will be looking to sell only below 1828 and on higher time frame pullback to 1852.
And in NYSE we have jobless claims data if data comes extremely disappointing we will adopt to gold buys above 1855.
As today was the first day of the new business month, we knew that deeper pullbacks in to better supply zones on the intraday to set up price for the new month was probable
ISM manufacturing PMI came out above previous but below consensus at 47.7. This data was more neutral but the ISM new orders and ISM prices both came out strongly improved,
which led to some short dollar strength. On gold with this data we made a new high of 1844 but unable to break above.
If price breaks above 1836 Pwe might see some deeper pullbacks in to the 1850's to collect more sell orders at better price points for the new month.
In terms of economic data tomorrow we have:
> Initial Jobless Claims (previous 192K, consensus 195K).
> Fed Waller Speech (22:00 CET).
TRADE IDEAS FOR THE DAY,
We have a short term bias of gold buys we in long term we are still into gold sells,
Pullback to 1832 & 1836 is gold buys Targeting 1852
We will be looking to sell only below 1828 and on higher time frame pullback to 1852.
And in NYSE we have jobless claims data if data comes extremely disappointing we will adopt to gold buys above 1855.