What do you think of today’s NFP and effect it will have on GOLD (XAU/USD) since its been raging between 1472 and 1477 for the past 4 days.
down or nowhere, i don t see it going up, or atleast i would ve seen some signs of accumulation on the chart( building long position by buyng on the lows with a notable volume increase). most likely will fake break and end up in the middle since it friday, but i could be wrong, since they usually manipulate price by fading highes and running low after or viceversa. i personally won t trade, i d look right after to see if some fake break occured with appropiate volume and if there s a scalp to be made even tho it s friday, so for me trending moves are less likely to be seen. cheers
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Thanks that’s a very informative explanation
I’m flat right now but have a long spreadbet entry order in on the Dow quite a way above Monday’s close.
Next week I’ll get into a parcel of the strongest and weakest forex pairs.
Have a good weekend.
@tommor is the spread betting exclusive to UK? what i mean by that is< only in UK the spreadbet is consider gambling and therefore tax free or is this in all Europe? i ve no idea, i d be meaning to look into this, but now that u ve mentioned it…
I’ve heard that spreadbetting is allowed in some European countries but never seen details of where and under what conditions. Maybe even different states within different countries have their own regulations as is the case in Canada - you’d have to enquire locally what’s allowed.
Same with CFD’s (though the European regulator ESMA treats CFD and SB providers in the same way).
In the UK, SB is regarded as gambling by the tax authorities but the SB firms are subject to the same financial regulations as are stock market and forex brokers and CFD providers by the same regulator the FCA.
thank you, i ll try and find out, hopefully the tax thingy doesn t apply only to UK
@Dunitheinvestor check out what GOLD did on NFP hahahahaha
u can t say i didn t told u so lol… fake break of the fib and daily pivot, and the rest is history
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NFP showed that US economy is in great shape so after the release I shorted gold, thanks Hotforex slippage was small so I grabbed my 150 USD profit. News trading is hard but rewarding and very broker specific I should say.
News is good indeed, thanks.
nice volume on a friday, but hey, that s strenght, to me that s suggesting we might be pushing upwards next week
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