In free forex signals, we have covered Gold today. Let’s explore the accurate entry and exit points along with the rationale behind the position.
The price of Gold is trading in the red at the 1768.04 level. However, the pressure remains high as the Dollar Index maintains a bullish bias. In addition, the XAU/USD pair continues to challenge strong support levels. Taking out these obstacles could open the door for a larger downside movement. The yellow metal dropped as much as $1,761.94 in yesterday’s trading session, registering a new low.
Gold remains under strong downside pressure as the US Unemployment Claims indicator was reported at 222K below 238K expected in the previous week.
US Non-Farm Payrolls expected at 553K
Today, the US economic data could be decisive. The yellow metal will be driven by fundamentals later. That’s why you have to be careful. The US Non-Farm Employment Change is expected at 553K in November versus 531K in October. Also, the Unemployment Rate could drop from 4.6% to 4.5%, the Average Hourly Earnings could report a 0.4% growth again, while the ISM Services PMI may report an important drop to 64.9 from 66.7 points.
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Gold failed to stabilize above the uptrend line around $1,768. Now, it attempts to come back below the median line (ML) of the descending pitchfork. Stabilizing below it and making a new lower low could activate a larger bearish movement.
Free forex signals – SELL Gold at 1756.85
Free forex signals entry price and takes profit
Instrument: GOLD
Order Type: SELL STOP
Entry price: 1756.85
Stop Loss: 1796.73
TP1: 1694.17
My Risk: 1%
Risk / Reward Ratio: 1: 1.57
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Saqib Iqbal
