Gold On Crucial Swing – Sentiment Analysis for Gold
Arslan Butt • 1 min read
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!