🔥Gold’s Major Whipsaw on NFP Night | Recap
Today’s outlook: Sell the rebound
On Friday, following the M5 model, the first long trade during the blackout hit its take-profit successfully. I stayed flat for the rest of the National Day holiday.
Market recap: The NFP data came in well below expectations, sending gold briefly up to 4226. It was then pressured by news of an oil reserve release and plunged to 4125. The daily chart closed with a long upper wick, with the day’s total range exceeding 1,000 points.
Tensions flared again in the Middle East over the weekend. An attack on Saudi Aramco facilities sent oil prices jumping and led to renewed safe-haven flows.
⚡Key levels
Resistance: 4160, 4190, 4225
Support: 4110, 4070
Intraday strategy: The market is undergoing an oversold rebound and recovery, so focus mainly on selling into strength.
Short entry: Around 4165 / 4185; stop loss at 4190; target 150–250 points.
Today’s key events: Eurozone PMI, U.S. Non-Manufacturing PMI, and Saudi Arabia’s official selling prices for crude oil.
$XAU
Today’s outlook: Sell the rebound
On Friday, following the M5 model, the first long trade during the blackout hit its take-profit successfully. I stayed flat for the rest of the National Day holiday.
Market recap: The NFP data came in well below expectations, sending gold briefly up to 4226. It was then pressured by news of an oil reserve release and plunged to 4125. The daily chart closed with a long upper wick, with the day’s total range exceeding 1,000 points.
Tensions flared again in the Middle East over the weekend. An attack on Saudi Aramco facilities sent oil prices jumping and led to renewed safe-haven flows.
⚡Key levels
Resistance: 4160, 4190, 4225
Support: 4110, 4070
Intraday strategy: The market is undergoing an oversold rebound and recovery, so focus mainly on selling into strength.
Short entry: Around 4165 / 4185; stop loss at 4190; target 150–250 points.
Today’s key events: Eurozone PMI, U.S. Non-Manufacturing PMI, and Saudi Arabia’s official selling prices for crude oil.
$XAU
