Gold update NFP 10.03.23
In my opinion Gold will form bullish candle today. Last week price was manipulated with strong bullish impulse and this week we saw big crash, because of the hawkish FED.
Today is very important day and it will give us a clue for the next week - price will negate the bullish weekly manipulation or it will be confirmed. Be caution with the bullish theory, because there are few bearish factors - see charts below.
Gold is approaching strong manipulation area. We should be aware with the path of liquidity and we can expect a full reversal of this area or price will continue up, targeting major liquidity pool above. The current area is low liquidity area and it will be not considered as major liquidity.
Last time NFP showed extremely high level. I think today the the reading will be cooled down. Because of the hawkish FED 2 days ago, if NFP is the same or even higher than the last time market will crash, without retracement.
1) NFP higher than previous - sell Gold
2) NFP lower than previous - buy Gold
Macroeconomics
From the indicator we can see that the jobless claims are going up and jobs offers going down. This is a small clue that probably NFP may be lower than the last time.
Yields
In my opinion Yields will continue to drop and they will be the fuel for Gold.
GDX
That what concern me on this chart is: GDX is diverging with the current bullish move, which could be a sign, that XAUUSD is forming only a pullback.
Gold vs Silver
The same situation with Silver. On this chart we can clearly seen that if Gold and Silver are not synchronised one of the pair will reverse.
Today is very important day and it will give us a clue for the next week - price will negate the bullish weekly manipulation or it will be confirmed. Be caution with the bullish theory, because there are few bearish factors - see charts below.
Gold is approaching strong manipulation area. We should be aware with the path of liquidity and we can expect a full reversal of this area or price will continue up, targeting major liquidity pool above. The current area is low liquidity area and it will be not considered as major liquidity.
Last time NFP showed extremely high level. I think today the the reading will be cooled down. Because of the hawkish FED 2 days ago, if NFP is the same or even higher than the last time market will crash, without retracement.
1) NFP higher than previous - sell Gold
2) NFP lower than previous - buy Gold
Macroeconomics
From the indicator we can see that the jobless claims are going up and jobs offers going down. This is a small clue that probably NFP may be lower than the last time.
Yields
In my opinion Yields will continue to drop and they will be the fuel for Gold.
GDX
That what concern me on this chart is: GDX is diverging with the current bullish move, which could be a sign, that XAUUSD is forming only a pullback.
Gold vs Silver
The same situation with Silver. On this chart we can clearly seen that if Gold and Silver are not synchronised one of the pair will reverse.
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