Gold next week outlook (9/7-9/11):
Nonfarm payrolls keep missing expectations—what exactly is the market brewing?
Recent price action has been extremely volatile, but neither bulls nor bears have managed to follow through decisively; it looks like a pendulum!
If it is indeed a pendulum, then we need to feel the frequency and magnitude of the shifts between bullish and bearish energy.
Someone asked: what if you can’t feel it?
As mentioned before, Fibonacci can map out the magnitude of that energy.
On Friday, nonfarm payrolls plunged and then rebounded, but the upward momentum eventually weakened in the second half of the night.
Therefore, on Monday, I believe it will start with a decline.
As for where it may fall to,
for now, the likely levels are around 4330 and 4300,
anyway, the low hit by the nonfarm drop should be broken;
and then we can switch back to bulls.
Gold should still head higher in the end, but before that it needs to digest the bearish impact from nonfarm payrolls.
The key data to watch next week is the seasonally adjusted CPI for the end of August.
The timing is still Friday, at 8:30 p.m.
Whether to look forward to it or avoid it
will depend on how the account performs in the first half of the week.
Hope we can keep looking forward to it!$XAU
Nonfarm payrolls keep missing expectations—what exactly is the market brewing?
Recent price action has been extremely volatile, but neither bulls nor bears have managed to follow through decisively; it looks like a pendulum!
If it is indeed a pendulum, then we need to feel the frequency and magnitude of the shifts between bullish and bearish energy.
Someone asked: what if you can’t feel it?
As mentioned before, Fibonacci can map out the magnitude of that energy.
On Friday, nonfarm payrolls plunged and then rebounded, but the upward momentum eventually weakened in the second half of the night.
Therefore, on Monday, I believe it will start with a decline.
As for where it may fall to,
for now, the likely levels are around 4330 and 4300,
anyway, the low hit by the nonfarm drop should be broken;
and then we can switch back to bulls.
Gold should still head higher in the end, but before that it needs to digest the bearish impact from nonfarm payrolls.
The key data to watch next week is the seasonally adjusted CPI for the end of August.
The timing is still Friday, at 8:30 p.m.
Whether to look forward to it or avoid it
will depend on how the account performs in the first half of the week.
Hope we can keep looking forward to it!$XAU