NFP is a major catalyst for the market volume and movement. It is anticipated that the USD will weaken during the NFP, which means, Gold will rally. But, until it happens, we can't really say anything.

The market structure on GOLD is bullish on all time frames. That being said, gold is ranging within 1805-1815. If it breaks up, we will continue to see the 1860 level bein tapped. If it drops, other key level is at 1790. It should be noted, GOLD is still bullish and in a bullish market, usually NFP just triggers the trend. 

The retracement levels are below the support zone, hence not aligned with it. Gold may wick down to test the 61.8% level and then continue moving up. 

The ascending trendline is at the brink of being tested by gold. If the prices reject the trendline, we might see the bullish continuation.

Both EMA's are bullish with a bullish death cross. Gold retested the EMA 50 and is continuing up. 

Both oscillaotrs have been in their over sold region. Now, they are moving back to their neutralized range.

We don't have a clean divergence buy on either of the oscillaotrs. So, we will only look at the over sold factor in the oscillators to go long.

Gold is vulnerable to the NFP news. Be careful trading it before it. As we are in a range, the NFP will decide the direction for it. Till the, we are still bullish on it and would take long positions. 

Ranging GOLD before NFP

Sep 02 2021

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