Gold fell steadily this morning in nervous trading before the Non Farms Payroll (NFP) number was released before vaulting higher on the weaker than expected jobs data.
Gold has traced out a clear ABC correction from the 1433 high last week in the following pattern;
Wave A 1433 to 1374 59 points
Wave B 1374 to 1416 42 points
Wave C 1416 to 1359 57 points
You can see that Wave A is virtually equal to Wave C, giving us a nice symmetry for the correction.
Gold is currently trading at 1388 after hitting a high of 1393 in the immediate aftermath of the NFP report, as tensions regarding Syria resurface at the G20 meeting currently underway. The NFP data saw 169,000 new jobs added in August against an expectation of 180,000, however the big story was the revision to July's data, drastically slashed from the initially reported 162,000 to a paltry 104,000 jobs.
Although in all likelihood the jobs number was not weak enough to change the Fed's stance on QE tapering, it was enough to send the dollar lower and gold much higher in the short term and for us to take the view that the ABC correction has now completed.
We therefore opened a long position at 1382 with a stop just below today's lows - our target is initially 1415-1430, though a break of 1430 would see significantly higher prices.
The shorts will be reluctant to hold over the weekend with Syria back at the forefront and we may see some short covering from here into the close.
Enjoy your weekends!
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YOU SHOULD NOT TAKE ANY MATERIAL posted on this BLOG AS RECOMMENDATIONS
TO BUY OR SELL GOLD OR ANY OTHER INVESTMENT VEHICLE LISTED.
TO BUY OR SELL GOLD OR ANY OTHER INVESTMENT VEHICLE LISTED.
Do your own due diligence.
No one knows tomorrow's price or circumstance.
I intend to portray my thoughts and ideas on the subject which may s be used as a tool for the reader.
I do not accept responsibility for being incorrect in my speculations on market trend.
I intend to portray my thoughts and ideas on the subject which may s be used as a tool for the reader.
I do not accept responsibility for being incorrect in my speculations on market trend.
King Regards
