In our Daily Trade Watch video, we look for high probability trade setups that we can trade throughout the day. Today, we look at Gold lower in a risk-on environment.
Over the last week or so, we have really seen money pour out of the so-called safe havens and back into equities. Therefore, creating a risk-on market condition. This has meant we have seen the Indices markets push higher, with USD and JPY selling off. Now, this is the time where the Gold market takes a significant move lower. If you look at the daily time-frame, you will see that this market has failed to close above the 1750 level. Worse still, this market has flirted with breaking a significant structural low around the 1690 level.
As a result, if this market break yesterday’s low at 1688 then we would expect this market to continue lower. Bearing in mind the current market conditions, however, please be aware we do have US NFP employment data due out on Friday at 1.30 pm (UK time). This is likely to be a volatile event for these markets.
Gold Lower in a Risk-On Environment – Full Video Analysis
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