Intraday Analysis - ( 6 FEB 2023 )
GOLD ANALYSIS AFTER STRONG LABOUR DATA
Dollar created a new Low during FOMC which was short lived and the whole move was corrected serving as a liquidity grab when NFP data comes out much stronger as compared to forecast. This shows that with a stronger labour data , the market is able to withstand more rate hikes to come. This caused Dollar strength ( breaking technical bullish market structure ) , Gold bears melting over 500 pips on a Friday night. Will continue to adapt to Dollar strength and Gold weaknesses this week. There is fed speaker this week, something to look out for whereby they may or may not give dovish or hawkish comments.
HRHR SELLS AT 1897/1900 region
MRMR SELLS BELOW 1876
SAFEST SELLS BELOW 1860
In the event that the whole NFP move gets corrected , will only be looking for buys above 1912 which shows that the move by NFP is a one time event and did not hold much weight.
GOLD ANALYSIS AFTER STRONG LABOUR DATA
Dollar created a new Low during FOMC which was short lived and the whole move was corrected serving as a liquidity grab when NFP data comes out much stronger as compared to forecast. This shows that with a stronger labour data , the market is able to withstand more rate hikes to come. This caused Dollar strength ( breaking technical bullish market structure ) , Gold bears melting over 500 pips on a Friday night. Will continue to adapt to Dollar strength and Gold weaknesses this week. There is fed speaker this week, something to look out for whereby they may or may not give dovish or hawkish comments.
HRHR SELLS AT 1897/1900 region
MRMR SELLS BELOW 1876
SAFEST SELLS BELOW 1860
In the event that the whole NFP move gets corrected , will only be looking for buys above 1912 which shows that the move by NFP is a one time event and did not hold much weight.