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Will gold hit a new record high after NFP? In recent days, gold has seen a remarkable surge, reaching an all-time high of $2070, fueled by growing speculation surrounding the Federal Reserve's potential monetary easing in 2024. This surge coincides with mounting signs of a cooling U.S. labor market, which has captured the attention of traders and investors alike. Traders are currently factoring in a 60% probability of a rate cut by March of the following year, as indicated by CME's FedWatch Tool. This expectation is rooted in the belief that reduced interest rates could make zero-yield gold more appealing compared to alternative assets like bonds and the dollar. This week's Labor Department report added weight to the notion of a shifting labor market, revealing a decline in job openings to 8.73 million in October— the lowest level since March 2021. As these indicators set the stage, all eyes now turn to the upcoming U.S. non-farm payrolls (NFP) data, scheduled for release on December 8. This data holds the potential to be the decisive factor shaping the future trajectory of both gold and silver prices. Traders are now gearing up for the NFP report, anticipating it to confirm the softening of the U.S. employment market. The consensus forecast of +185K jobs added falls below the one-year average, setting the stage for a potential shortfall in job additions. This outcome could further amplify dovish expectations for the Federal Reserve in 2024, potentially paving the way for gold to hit new record highs in the aftermath of the NFP release.
BLACKBULL:XAUUSD
by BlackBull_Markets
GOLD BUY CONFIRM ANALYSIS FOR TODAY The gold market attempted to catch its breath after a phenomenal day of trading yesterday. Registering a 5.42% round trip, the price of gold obliterated the prior swing all-time-high around $2081 only to retrace the move and end the day significantly lower. The RSI surged into overbought territory and has already recovered – highlighting the massive amount of volatility experienced yesterday. Today, however, trading has been more moderate, trading below the $2050 level but the uptrend remains well intact and well above the 200-day simple moving average (SMA).
OANDA:XAUUSDShort
by FxJohnson
Let's see how this gold chart plays out over the next six years!Here's a long-term perspective I have not seen and will be interested to follow. I think bias needs to be removed. The bulls will see a potential shot to the MOON. The bears will see a likely hard spill. NEWS FLASH: This is a new and crazy world! EVERYTHING IS IN PLAY! If this gets above $2200 in 2024, it could be the start of something epic. If we see the $1700s in 2024; then (eek) I'm nervous. All I know for sure is I look fwd. to watching this every quarter for the next several years.
TVC:GOLD
by CSGold1
ADP Non-Farm! How does Gold price affect today?⭐️ Smart investment, Strong finance ⭐️ GOLDEN INFORMATION: The price of gold is currently stabilizing around $2,020 on Wednesday morning, after experiencing a two-day decline from its record high of $2,144 on Monday. The increase in the value of gold is benefiting from a general retreat of the US Dollar, as buyers of the Greenback pause after its recent upward movement and in anticipation of the release of the significant US ADP Employment Change data. ⭐️ Personal comments NOVA: One of the news that often greatly affects Gold today is ADP Non-Farm. The data supports the downtrend along with an adjustment to rebalance the market. ⭐️ SET UP GOLD PRICE: 🔥BUY GOLD zone: $1990 - $1992 SL $1982 TP1: $2000 TP2: $2010 TP3: $2020 🔥SELL GOLD zone: $2049 - $2051 SL $2060 TP1: $2040 TP2: $2032 TP3: $2020 ⭐️ Technical analysis: Based on technical indicators EMA 34, EMA89 and support resistance areas to set up a reasonable SELL order. ⭐️ NOTE: Note: Nova wishes traders to manage their capital well - take the number of lots that match your capital - Takeprofit equal to 4-6% of capital account - Stoplose equal to 2-3% of capital account - The winner is the one who sticks with the market the longest
OANDA:XAUUSDShort
by Nova-Scalper
2
Gold | Where is it headed next?Gold saw a massive spike at the once highest level gold has ever seen and has since then closed under this level (on the daily chart) and is further on the way down again. Now I see a lot of people looking for longs on gold but I don't want you to forget that gold has been rejected 3 times in this zone before and went in a downtrend. So before you load up your longs and look for new highs, don't forget that price just might reverse here. Of course gold will someday see new highs but I don't think it will be for this year. Let me know what you think! Be patient and manage your risk!
OANDA:XAUUSDShort
by FX_Unlimited
Gold retest 2051) down 👇)2000) confirm zooon)💥💥Hello traders what do you think about gold ? Gold break support levels) now gold retest same time rsl) 2051) same) back down 👇) Support levels 2000) I know) Dxy index ☝️ back up rsl 104. Gold ticks up on weaker US dollar, bond yields Dec 5, 202311:36 GMT+5 KEY POINTS: DollarDXYindex down 0.1% Gold may test support of $2,009 per ounce - technicals Investor focus shifts to US non-farm payroll on Friday Gold prices rose on Tuesday as the U.S. dollar and Treasury yields fell after traders slightly pared bets for an interest rate cut by the Federal Reserve in the first quarter of 2024. Spot gold GOLD gained 0.2% to $2,032.70 per ounce by 0750 GMT. Bullion had surged to an all-time high of $2,135.40 on Monday, before dropping more than $100 in a single day to close 2% lower. U.S. gold futures GOLD for February delivery rose 0.5% to $2,051.70. Making gold less expensive for other currency holders, the dollar index DXY fell 0.1%, while yields on 10-year Treasury notes US10Y slipped to 4.2375%. Investors are awaiting the closely watched U.S. non-farm payrolls data on Friday, which could help further gauge the interest rate outlook. Lower interest rates reduce the opportunity cost of holding non-interest-bearing bullion. Gold ticks up on weaker US dollar, bond yields Dec 5, 202311:36 GMT+5 KEY POINTS: DollarDXYindex down 0.1% Gold may test support of $2,009 per ounce - technicals Investor focus shifts to US non-farm payroll on Friday Gold prices rose on Tuesday as the U.S. dollar and Treasury yields fell after traders slightly pared bets for an interest rate cut by the Federal Reserve in the first quarter of 2024. Spot gold GOLD gained 0.2% to $2,032.70 per ounce by 0750 GMT. Bullion had surged to an all-time high of $2,135.40 on Monday, before dropping more than $100 in a single day to close 2% lower. U.S. gold futures GOLD for February delivery rose 0.5% to $2,051.70. Reuters Graphics Thomson Reuters Spot gold price in USD per oz Making gold less expensive for other currency holders, the dollar index DXY fell 0.1%, while yields on 10-year Treasury notes US10Y slipped to 4.2375%. Even after the dramatic moves in gold prices over the past 24 hours, "for now, the overall trend for gold still looks bullish," said Ilya Spivak, head of global macro at Tastylive. A wave of profit-taking seems to have been triggered after gold rallied at the weekly open, to catch up to Fed Chair Jerome Powell's dovish comments from Friday, along with "pre-positioning ahead of this week's event risk," added Spivak. However, traders have lowered their Fed rate cut bets by March next year to about 60%, from 70% on early Monday, CME's FedWatch Tool shows. Investors are awaiting the closely watched U.S. non-farm payrolls data on Friday, which could help further gauge the interest rate outlook. Lower interest rates reduce the opportunity cost of holding non-interest-bearing bullion. The Middle East conflict and the fear of it spreading has driven money into the yellow metal, said FXCM market specialist Russell Shor. Spot gold may test support of $2,009 per ounce, a break below which could open the way towards $1,980, according to Reuters technical analyst Wang Tao. ❤️ Plaes like and comments My trading ideas 💡 thanks 🙏 for your support)
FOREXCOM:XAUUSDShort
by SMC-Trading-Point
Today's gold trading strategyGold pulled up quickly in the European and U.S. sessions after falling from $2049 to $2033 in the Asian session, once reached $2075 and approached the historical high. Many significant positions are accumulated to prepare the new high for this morning. Moreover, stop-loss orders were removed in the morning session and gold once ascended to $2145 by over $70. Although it is unreasonable, the market should be respected, and gold retraced by $60 immediately. Regarding the trend, gold should keep the bullish trend, and the previous high of $2081 will be turned from resistance to support. Despite a serious bearish divergence in the daily chart and the weekly chart, the top and bottom are still to be decided until the unilateral trend is broken. At present, after falling from highs, the wash trading is enough, and investors should not chase the upward trend even if they keep a bullish view. Additionally, gold may oscillate at highs or even consolidate with a retracement at the beginning of this week, and the essential factor to be considered is the Nonfarm Payrolls. According to the 1H chart, MACD forms a death cross at the overbought area, and there will be retracements today. Meanwhile, the initial support below will be in the range from $2070 to $2080, when further strong support will be at $2050. For trading recommendations, the effective range will start from $2050 to $2100, in which investors could buy low and sell high, and control the stop loss. TVC:GOLD BUY XAUUSD 2012-2010 ✔️TP1 2020 ✔️TP2 2025 ❌SL 2005
TVC:GOLD
by TinaTradingGold
Evaluating Gold's TrajectoryInterplay of Carney's "Failed Wave" and Elliott Wave Analysis Introduction: Is this another Gold trap? As we've observed, there have been several traps in this range, all triggered by harmonic patterns. Here we are facing another potential bearish setup. A breakout at $2,162 could signal a strong bullish trend, but there might be room for pause. Let's take a closer look. Understanding the Failed Wave: Scott Carney's "Failed Wave" concept is integral to our analysis of the gold market. This phenomenon occurs at the 1.13 Fibonacci extension level and can signal a potential market contraction and reversal if the price fails to close above it. Current Market Position: Gold’s interaction with the 1.13 extension level is under critical observation. A failure to sustain a move beyond this level might confirm the "Failed Wave," potentially initiating a bearish trend as predicted by harmonic patterns. Elliott Wave Consideration: The possibility of an Elliott Wave 5 truncation is noted, with Wave 1 starting on December 15th, 2015. Retracement zones are denoted in blue on the chart. If Gold Closes above $2162 this will start a wave 5 1.618 extension to $2370.36. Breakout Potential and Target Prices: If gold demonstrates strength by closing above the 1.13 level, it negates the "Failed Wave" scenario, potentially setting up a bullish progression. The breakout target zones are: • Intermediate Target: $2,162 (Significant resistance level) • Primary Target: $2,370.36 (1.618 Fibonacci extension) Downside Support and Target Levels: Should gold fail to maintain its momentum above the 1.13 extension, the following levels are critical: • Initial Support Level: $2,048 - Orderblock Support (A significant level) • Target 1: $1,959 - Terminal support • Target 2: $1,880 - 0.5 Fibonacci zone (Elliott retest) • Target 3: $1,812 - Harmonic T1 retest zone Trading Considerations: Traders might consider a dual approach, preparing for a "Failed Wave" with stop-losses above the 1.13 level & HOP level of $2162 at around $2190, and alternatively, considering long positions above this level targeting $2,370.36 at the 1.618 extension. Concluding Perspective: The gold market is at a significant technical juncture, with the price action near the 1.13 Fibonacci extension potentially dictating the mid to long-term market direction. The market is balancing between the potential for a "Failed Wave" and a bullish continuation towards the 1.618 Fibonacci extension target. Disclaimer: This report is for informational purposes only and does not constitute financial advice. Investors should conduct their own due diligence and consult with financial advisors before making any investment decisions. Trading involves risks, and personal risk tolerance and investment objectives should be carefully considered.
TVC:GOLD
by TechChartMark
2
Gold Short SuggestionFor those that know me, you know I love a harmonic pattern. Here is a potential set up for gold shorting. If it turns round from here then I will trade to D, and then trade the pattern as per this picture. If it breaks the price on the close of day candle then I will delete this bat I understand that this is a scary picture. But if you go and look at the DXY you will see that it is at the bottom of a bullish trend. What could cause such drastic moves? well, I'm not a psychic, sadly. All I do is show analysis. Hope you all have a lovely weekend. Stay safe.
FXOPEN:XAUUSDShort
by Elite_Trading_Signals
GOLD MORE BUYS? - Maybe Not Yet - Destroy buyers FIRST!Given that gold would have bought really aggressively yesterday after destroying sellers at the previous high, I believe the dealer needs to take the opposite side of things temporarily. What I mean by this is that the dealer needs to worry about traders who now ACTUALLY have the direction correct (BUY) In a bull market buyers WILL win if they can get their entries right OR they have enough patience to endure a lot of drawdown. The dealer knows this and in a bull market - BUYERS will always be a problem for the dealer (the opposite holds to be true in a bear market about sellers). That being said - it makes sense (in my opinion) to not only induce buyers now but to get rid of them as well and even get some sellers on board because if the dealer had enough liquidity to buy the market, guess what - that is exactly what he'd be doing Exhibit A - The bull move from yesterday That being said - I think it makes sense for the dealer to drive price a bit bearish at this point so that he can now build liquidity out of thin air by not only getting sellers back on board within this gold market but by also getting rid of buyers who had less than ideal stops along the bull move of yesterday Continuing to look for buys at this point would be dangerous (in my opinion) as it is not only NOT bullish enough to facilitate buys but it isn't buying at all as of the time of me writing this Personally I'd like to see price drop a bit more before considering more buys What do you think? Downvote\don't boost if you didn't read\listen to this entire post and don't understand OR Upvote\boost if you did read\listen to this entire post and do understand
OANDA:XAUUSDShort
by Brandon_evo4
Gold's Outlook: Beyond $2,000 with Eyes on Powell's Address Gold reclaimed the US$2,000 threshold yesterday, marking its return to this level for the first time since May, after the US dollar weakened against most major currencies on Monday. The US dollar is now on track for its largest monthly decline in a year, largely because the market is anticipating that the Federal Reserve might initiate interest rate cuts in the first half of next year. Although, it is the opinion of some (including me), that talking about rate cuts at this point is way too soon. Coming up this week is EU inflation data on Thursday, followed by the US Fed Chair Jerome Powell’s address on Friday. The former might give us some movement in the EURUSD, as the data might create more divergence between the ECBs outlooks and the US Feds. The latter might give us further clues as to the Fed’s timeline in regard to rate cuts, but don’t hold your breath. Bear in mind, a lack of detail concerning this timeline could be just as consequential for the US dollar and gold. For now, in gold, the Elliott Wave indicator is pointing toward a neutral to bullish outlook, with a couple legs in a cycle left to be completed. If the cycle plays out, we might like to look at multi month highs above US$2,020, where the price peaked earlier. Pullbacks are forecast just below the $2,000 threshold, so this level will remain of interest for some time.
BLACKBULL:XAUUSD
by BlackBull_Markets