GOLD – BUY – Double Trade – Tuesday 10th December

GOLD – BUY – Double Trade – Tuesday 10th December (Closed)

Tuesday 10th December

Good morning Forex Kings,

We have a huge week a head as markets look towards the FED Interest Rate decision as well as their monetary policy statement.

Data from the US has been extremely strong with the US Non Farm Payroll printing some extremely large figures on Friday. This will give the FED reason to believe they have taken the correct action in holding interest rates. We are expecting the FED to remain balanced but optimistic that the US economy is in a strong place.

However, Trump is not going to like this and we may see him begin to ‘Jawbone’ the FED and the US as he is adamant on needing a weaker USD. This weekend is going to be decision time for Trump as he will decide if the next round of tariffs will be placed on Sunday the 15th December. He is most likely to announce his decision after the market close early hours Saturday morning (AEDT). Meaning next Monday could see some huge gaps!

What does this mean for the market?

With the risk set to increase going into the end of the week GOLD as a safe haven asset could see some upside. As well as December generally being a strong month for gold prices.

GOLD 4 Hour Chart

GOLD Daily Charts

Trade Set Up 1: BUY market price – 1461 – Stop loss 1454 and take profit 1480

If the market breaks lower than the short term structure we will be entering again at 1440.

Trade Set Up 2: BUY LIMIT 1440, stop loss 1420

Trade Setup
GOLD BUY

Entry
1461

Take Profit
1480

Stop Loss
1454