Gold has made a bullish turnaround

Gold vs. NFP – What to Expect from the Market Today?

Posted Friday, September 7, 2018 by
Arslan Butt • 1 min read

On Thursday, we got two winning signals on gold, thanks to negative ADP non-farm payroll. It’s going to be another volatile day as the U.S. Non-farm payroll and unemployment rate remains in highlights.

For the moment, the market seems to trade sideways due to the tug of war between bulls and bears. The market is likely to trade in the same range of $1,197 – $1,203 until the release of labor market figures.

The violation of $1,203 can extend the bullish trend to $1,207 and $1,211. On the other hand, the market can stay bearish below $1,198 until $1,191.

Gold – XAU/USD – Trading Levels

Support Resistance
1194.9 1206.15
1189.75 1212.25
1178.5 1223.5
Key Trading Level: 1201

Gold/ XAUUSD – Trading Idea
The idea is to trade the breakout.

  • Negative NFP – I will be looking to buy gold above $1,203 as it can lead the market towards $1,211.
  • Positive NFP – I will be looking to take a sell position below $1,203 to target $1,191.

All the best for today and have an awesome weekend!

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies
Related Articles
Yesterday the CPI numbers from European countries showed a slowdown, so today's headline Eurozone inflation numbers should be soft as well
3 days ago
0 0 vote
Article Rating
Notify of
Inline Feedbacks
View all comments