Follow up with our yesterday updated technical analysis for XAUUSD on 31/10/2019
we have today some trading levels for XAUUSD to consider and also to prepare before the NFP today.
As expected that NFP today with quite low number at 90K only for the month, so that it is signified that the economy is yet affected from the current economics slow down globally. XAUUSD yesterday broken up the psychological level at the end of the trading month calendar for Oct 2019 and reached its highs at $1,514.14 USD/ounce as we have expected in our yesterday post. The today levels are to watch that we have to take a look at the current value area of gold, there are some signs that the closing candles have approached the higher value area of the value area range ( pls follow up the last post about Gold to get that price zone), so it means the buyers are interested in more to buy and have the control over the upside at the moment. Anyway there are further hurdles for XAUUSD at the $1,517.xx USD/ounce and $ 1,519.xx USD/ounce to break. These price zone need to be broken up firstly so that the price action is able to be led higher to $1,524.xx price zone, and at that price zone of $1,524.xx USD/ounce, we will talk about for a clear upside move.
Take your look at the depicted chart below for more references:
Trading strategy for today is recommended for a pause before the NFP of today. In case NFP better than expected, and the price touches the $1,517.xx-$1,519.xx and heading down, or quasi be rejected again at that zone, short it immediately with a stop loss above its recent highs. Take profit target at the lower value area range again.