GOLD TRADING IDEA 02 NOVEMBER
Yesterday gold got some bullish price action broken out from the key level 1642-1644 back tested and went up to 1657, as stated in earlier reports
but after PMI & JOLTS job opening data , dollar roar again caused weakness in gold and went back below 1644-1645.
Today we are expecting gold to gain back all the losses made from PMI & Jolts job opening,
As we stated in our previous analysis, any spike in gold will be short lived because the dollar is still dominating the market with FED interest rate decision today with expected rate hike of 75 BPS already priced in.
Trade setups for today.
GOLD weakness still in the game in higher as well lower time frame
Any pullback to 1658-1660 area will be a opportunity to short Targeting - 1634-1635.
Break below 1642-43 will be a short opportunity after getting confirmation in smaller time frame.
Break above 1661-62 and a back test , will be a long opportunity targeting 1680.
a deeper pullback to 1678-1680 is still a strong resistance and a short opportunity targeting 1635-1632.
ADP Non-Farm Employment Change @ 5.45 PM IST will remains in focus today.
All trade ideas are valid until Pre New York session , as we have FOMC , FED interest rate decision around 11.30PM IST.
Trade ideas on FOMC will be updated hours before the event.
Enjoy :-)
but after PMI & JOLTS job opening data , dollar roar again caused weakness in gold and went back below 1644-1645.
Today we are expecting gold to gain back all the losses made from PMI & Jolts job opening,
As we stated in our previous analysis, any spike in gold will be short lived because the dollar is still dominating the market with FED interest rate decision today with expected rate hike of 75 BPS already priced in.
Trade setups for today.
GOLD weakness still in the game in higher as well lower time frame
Any pullback to 1658-1660 area will be a opportunity to short Targeting - 1634-1635.
Break below 1642-43 will be a short opportunity after getting confirmation in smaller time frame.
Break above 1661-62 and a back test , will be a long opportunity targeting 1680.
a deeper pullback to 1678-1680 is still a strong resistance and a short opportunity targeting 1635-1632.
ADP Non-Farm Employment Change @ 5.45 PM IST will remains in focus today.
All trade ideas are valid until Pre New York session , as we have FOMC , FED interest rate decision around 11.30PM IST.
Trade ideas on FOMC will be updated hours before the event.
Enjoy :-)
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