Gold Standstill – Positive NFP & Stronger Dollar Weights - Forex News by FX Leaders

Gold Standstill – Positive NFP & Stronger Dollar Weights

Posted Monday, November 5, 2018 by
Arslan Butt • 1 min read

The yellow metal GOLD consolidates in a narrow range of $1,231 – $1,236 over a stronger dollar. The US job growth rebounded sharply in October, steering further labor market tightening that could prompt the Federal Reserve to hike interest rates again in December.

In addition to the employment report, the investors are now focused on the US congressional elections on November 6, which will conclude whether the Republican or Democratic party dominates Congress.

For now, we need to wait for a breakout in $1,231 – $1,236 range. The bearish breakout can lead gold prices towards $1,226 and $1,223 today.

Gold – XAU/USD – Trading Levels
Support Resistance
1229.67 1236.38
1226.39 1239.81
1219.68 1246.52
Key Trading Level: 1233.1

GOLD // XAUUSD – Trading Idea

The idea is to stay bearish below $1,233 with a stop loss below $1,236 and a take profit of $1,226. The bullish breakout can lead the market towards $1,239.

Good luck!

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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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