Oct. 6: A Big Day for Gold Traders – NFP Ahead!

What’s up fellas. Our forex trading signal on Gold went inline with the forecast and closed at $1,279 target. I'm really excited to trade today as we have several high impact economic events from the U.S. and Canada. These surely are going to lead some serious fluctuations in the market today.

Gold // XAUUSD  – Technical View

So taking a buy position above $1,270 to target $1,279 was a good idea. Recalling my previous update, Oct. 5: Gold Hit's $1,280 Target – Ready for New Trade, we discussed the bullish setup on the daily timeframe. Undoubtedly, we made it our base to take a buying position. But yesterday during the New York trading sessions, the scenario changed a bit. The series of better-than-expected economic figures pointed to solid U.S. economic growth and supported a move higher in the Buck. Having said that, the yellow metal closed the day with a bearish engulfing candlestick pattern, which represents that the sellers are dominating in the market.

Gold – 4 – Hour Chart – Descending Triangle Pattern

On the hourly chart, I'm eyeing the descending triable pattern on Gold which supporting it at $1,267. These descending triangle patterns are meant to breakout downside and if this happens, Gold can target $1,261 and $1,257 today.

Gold // XAUUSD – Trading Plan

Today at 12:30 (GMT), we have the Non-farm payroll (NFP) which is expected to be poorer than previous data. The release is highly likely to cause some serious volatility in the market. So, it's better if we stay away from market ahead of the news. Just as a rough idea, I'm eyeing $1,272 and $1275 to stay in selling with a stop loss above $1,280 and take profit at $1,261 and $1,257. Good luck and trade with care!

ABOUT THE AUTHOR See More

Arslan Butt

Index & Commodity Analyst

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.

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