Gold prices weigh direction as dollar and Treasuries stay higher

The gold price appears poised at a crossroads going into the weekend with the US Dollar firming as Treasury yields tick higher. An eventful week for markets may still have more to play out with non-farm payrolls data due out later today.

The Fitch downgrade of US sovereign debt credit rating to AA+ from AAA got the ball rolling on Tuesday with a risk-off rout permeating through markets.

Comment:

🐾 SELL XAUUSD zone 1952 - 1954

⚠️ Stop Loss : 1960

💲 Take Profit 1: 1946
💲 Take Profit 2: 1940
💲 Take Profit 3: 1930

🐾 BUY XAUUSD zone 1915 - 1917

⚠️ Stop Loss : 1910

💲 Take Profit 1: 1925
💲 Take Profit 2: 1930
💲 Take Profit 3: 1935

Comment:

Friday's surprise payroll data miss showed 187,000 jobs created versus 200,000 expected, which helped Gold find its footing and recover from its recent slump. Will a single miss be enough to stave off the Fed's aggressive stance on rate hikes?

Comment:

🐾 BUY XAUUSD zone 1936 - 1938

⚠️ Stop Loss : 1932

💲 Take Profit 1: 1942
💲 Take Profit 2: 1947
💲 Take Profit 3: 1952

Comment:

⭐️Plan to BUY Successfully Runnings + 30pips 💲💲💲

Trade active:

Close 1/2 + 40pips 💲💲💲 1/2 Move SL to Entry ⭐️

Comment:

The IGCS gauge shows that about 76% of retail traders are net-long gold. Since the vast majority are biased to the upside, this continues to suggest that prices may keep falling down the road.