Our free forex signals service trade today is a buy order on XAU/USD pair. The price of Gold seems undecided in the short term. It has moved sideways waiting for a bullish spark before jumping higher. DXY’s retreat forced the yellow metal to grow again after its most recent sell-off. In the short term, the pressure is still high, so anything could happen.
XAU/USD crashed after higher inflation reported by the Euro-zone. Now it tries to stabilize in the buyer’s territory. Yesterday, the US ISM Manufacturing PMI was reported at 60.8 above 60.4 expected.
3 Free Forex Every Week – Full Technical Analysis
FOMC & Non-Farm Payrolls Week
The price of Gold could register sharp movements during the week as the FOMC Monetary Policy Meeting and the Non-Farm Payrolls could really shake the markets and could bring high volatility.
Tomorrow, the ADP Non-Farm Employment Change is expected at 400K below 568K in the previous reporting period, while the ISM Services PMI could remain steady at 61.9 points.
You should be careful as the FOMC Statement and the FOMC Press Conference could change the sentiment. This high-impact event could bring sharp movements in both directions.
Technically, the rate failed to stay below the downtrend line and below the channel’s support line, below the downside line. Now is located above the weekly pivot point (1,788.62). Staying above it and above the downtrend line could signal potential growth.
Free forex signals – BUY GOLD at 1,798.06
Free forex signals entry price and take profit
Instrument: GOLD (XAU/USD)
Order Type: BUY STOP
Entry price: 1,798.06
Stop Loss: 1,780.80
TP1: 1,826.60
My Risk: 1%
Risk / Reward Ratio: 1:65
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