XAUUSD 1H - NFP!!

3 set 2021

Gold for NFP:

This is only our view of what we feel can potentially happen after the NFP release. Please do your research and analysis and make an informed decision. The best way to trade these events as a new trader is to stay out of the market until the price has settled. It will usually whipsaw and swing both ways to take both buyers and sellers out who are trying to catch the top or bottom.

We can see some bearishness on the DXY on the daily TF yet we have an Excalibur indication of a move up on the smaller timeframe. With that in mind we will look for the following scenarios on Gold specifically for the NFP move!

Scenario 1:

We can see a base and support at the 1803-5 level and below that the key level support of 1795-90. If the price goes down first to these levels we'll look for a good support and this could represent a good opportunity for a long trade targeting the 1830 level.

Scenario 2:

If DXY makes the move we think it will then its likely Gold will do the opposite. So a move up in Gold towards that 1835-33 key zone where if it finds resistance could represent an opportunity to short it back down towards 1800 and below that 1790-95.

Although market sentiment is bullish our bias is to the downside at the moment.

As always, trade safe. Remember, cash is also a position in the market, you don't need to trade every move every day. Better opportunities and setups usually arise after the event once the market has taken liquidity on both side.

KOG