GOLD (XAUUSD) Pre-NFP Analysis Oct 6th 2023

GOLD (XAUUSD) Pre-NFP Analysis – Oct 6th 2023

Gold, often referred to as the “safe-haven” asset, has always been a focal point for traders, especially during times of economic uncertainty. As we approach the Non-Farm Payroll (NFP) release, one of the most anticipated economic news events in the forex market, let’s delve into the potential movements of Gold (XAUUSD) and what traders might expect.

Current Market Structure:

The Gold market structure has recently shown some intriguing patterns. Amidst the extended consolidation phase, a significant number of traders seem to have positioned themselves between the price levels of 1829.64 and 1815.32. This clustering of positions indicates a potential for manipulation of price via a “stop hunt” in the near future.

Anticipating the Stop Hunt:

For those unfamiliar with the term, a “stop hunt” refers to a market movement that aims to hit the stop-loss orders of retail traders. Given the current positioning, I’m anticipating a stop hunt that could potentially dive down to the 1800.00 price level before we witness any reversal. This is a bold prediction, considering the current distance from this price point. However, as we inch closer to the NFP news release, I’ll be keeping a keen eye on the market dynamics and will re-evaluate this anticipated stop hunt range.

Post-NFP Expectations:

The NFP release is notorious for causing ripples in the forex market. For Gold, I’m leaning towards a reversal post the NFP release. It’s essential to note that such reversals might not manifest immediately during the news event. Instead, the market might take its time, and the reversal could span across multiple hours post-NFP.

Final Thoughts:

Gold trading during significant economic releases requires a blend of patience, strategy, and keen market observation. While predictions provide a roadmap, the market’s inherent volatility means that traders should always be prepared for unexpected twists and turns.

For a visual representation of the current Gold market structure, check out this chart: TradingView Analysis

Stay tuned for more updates as we approach the NFP release and, as always, trade safely!

For more analysis like this for FREE join our public telegram group using the link: https://t.me/forexia





Dylan Forexia
Dylan Forexia
www.forexia.net

As a professional Forex trader with over 8 years of experience and having taught over 20,000 students, I have successfully helped secure a total of $50,000,000 in funding from proprietary firms through our educational programs.

Related Posts
2 Comments

Trade aftermath = 1000+ PIPS Profit!!!

jacobvgreen

Lovely Analysis

Leave a Reply

Your email address will not be published.Required fields are marked *