Multiple Trade Idea Before NFP – Sideways Gold!
At the moment, Gold trading is more about technicals than fundamentals. Undoubtedly, we are approaching NFP tomorrow, but ahead of this let us take a look at the technical outlook for the Gold.
Gold – 4 Hours Chart – Wide Range
On the 4 – hour chart, we can see that the gold is consolidating in a wide trading range with a lower limit of $1217 and an upper limit of $1229. Hence, the first trade idea is to enter a sell position $1228 with a minor stop loss above $1231 and a take profit of $1224.
Likewise, the second trade idea is to have a buy position above $1217 with a stop loss below $1215 and take profit at $1224. The point to note is we are following a strict money management strategy here with a risk to reward ratio of approx 1:2.
Gold – Hourly Chart – Narrow Range
Now let's switch to the hourly timeframe, as it has another range of $1224 – $1228. The breakage of this range is likely to offer us a quick sell up to 1219 for 40 pips.
Summing Up – Today, the market is unlikely to break these technical ranges, but odds are high for tomorrow. So, it's better to trade with lower volume to cope with uncertainty and risk.
Interested in making money on Gold, click here for more information on gold trading!
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