FX.co ★ AB2 | XAU/USD (GOLD)

XAU/USD This week in the economic calendar, we get the most important event in the month—the US Non-Farm Payroll, or NFP. We'll see how we exchange it. In today’s market outlook, let’s have a look at Forex trading on the NASDAQ, the Dow Jones Industrial Average, gold, XAUUSD, USDCAD, NZDUSD, and EURUSD. As you may have noticed, I usually adhere to a few fundamental guidelines while discussing trading news events. First of all, news events are traded AFTER the event rather than before or during it. Trading ahead of time is gambling because you never know how things will turn out. The spreads may expand significantly as the numbers are released, making any transactions uncertain and probably preventing you from entering the market where you desire. You wish to enter after the event. We are searching for news events to convey price action because the second rule is to always trade WITH the trend. We need to position ourselves with the trend in order to open a trade. For instance, we examined all USD pairings, including gold XAUUSD, prior to yesterday's US announcement and discovered range markets, downtrends, and uptrends. So, these days USD is gaining strength for various reasons, and you can look back to prior films to learn why. For instance, the EURUSD is clearly on a bearish run; thus, in order to trade WITH the trend, we want to observe any economic news that pushes price action against it.We tracked multiple pairs on several time frames, and we waited for our ADX indicator to alert us when the move was exhausted, notably the DI+ turning over from its high. The stochastic oscillator then began to shift downward.