Gold On Crucial Swing – Sentiment Analysis for Gold

Whatsup, Gold traders. It's a normal Monday with low impacted economic events. But, the market is mostly driven by sentiments. Let's check out the factors influencing the investor's sentiment today…

XAUUSD // Gold – Sentiment Analysis 

Folks, it's an NFP week and the investors are pricing in the forecast of NFP. For instance:

Average Hourly Earnings are expected to be 0.3% which will be better than previous months. It forming a bearish sentiment for Gold.

Non-Farm Employment Change – It's also forecasted to be around 200K. No doubt it's below 261K, the previous figure, yet 200K isn't too bad.

Unemployment Rate – It's expected to remain unchanged at 4.1% which is boosting the bearish sentiment for Gold for sure. That's why Gold experienced a huge gap today.  

Technical Outlook – Gold // XAUUSD

Technically the Gold is following a strong bearish trend especially after the breakage of $1,279, the 50 periods EMA.

Gold – 4 – Hour Chart 

Gold bears must be in pain due to this unexpected gap on Monday. Now,  $1,270 is the hope for bears as Gold is forming a triple bottom pattern here. Plus, we can see a bullish trendline providing support to Gold near $1,270.

Gold // XAUUSD – Trading Idea

Fellas, the market is mostly driven by sentiments today. However we I'm looking to stay bullish above $1,270 with a stop below $1,267 and take profit at $1,278. Good luck!

ABOUT THE AUTHOR See More

Arslan Butt

Lead Markets Analyst – Multi-Asset (FX, Commodities, Crypto)

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics. His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker. His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.