Sideways gold strategy waiting for NONFARM January 9, 2025Analysis and Trading Strategy for Gold Today:
1. Fundamental Analysis:
US Weekly Unemployment Claims: Data from last week showed significant improvement, indicating a strong job market.
However, when combining the weak ADP Payrolls data and the dovish stance of FED's Waller with the strong Unemployment Claims data:
FED's Waller does not believe severe tariff policies will be implemented.
In the short term, he also does not expect tariffs to have a significant impact on inflation.
=> This indicates that FED's Waller remains dovish, which may soon provide support for Gold to rise again and further.
2. Technical Analysis:
Based on the data and aligning it with technical analysis, the current trend remains bullish as yesterday's news maintained a dovish tone for both Gold and USD.
Looking at the charts, the H1, H2, and H4 timeframes all display an uptrend within a parallel price channel in recent days.
Today (Thursday): There are no significant news releases. We’ll have to wait until Friday's NONFARM Payrolls, which are expected to trigger a strong price movement (potential range of 40-50 pips).
M30 Chart View: There is still an uptrend visible in this timeframe. Today's expectation is for Gold to continue sideways within a range of 15-20 pips while waiting for Friday's key news. The main strategy is to wait for the price to drop to important levels and then BUY.
Trading Strategy:
BUY SCALP:
Entry: 2652 - 2650
Stop Loss (SL): 2647
Take Profit (TP): 2656 - 2660 - 2664
BUY ZONE:
Entry: 2646 - 2644
SL: 2640
TP: 2650 - 2654 - 2658 - 2664 - 2670
SELL ZONE:
Entry: 2670 - 2672
SL: 2676
TP: 2665 - 2660 - 2656
This is the price range where I expect the market to move 70-80% of the time today, especially during the Asian and European sessions. If there is a larger movement or unexpected news, backup levels are as follows:
Resistance: 2680 - 2688
Support: 2636 - 2627
I’ve already noted these levels, and any significant changes will be updated promptly.
Important Notes:
Be cautious and strictly adhere to TP/SL levels. Never remove SL, as small mistakes are easier to fix, but large ones are much harder to recover from.
GOOD LUCK!
