At 2:45pm (UTC), the US manufacturing and services PMI are released with no significant change from last month. The manufacturing PMI is forecast to be 51.3, up from 51.2 last month. The services PMI is forecast to be 53, up from 52.9 last month. These are important pieces of news that assess the health of the US economy. Although gold prices are not too correlated with the USD during this period, the price of gold will still fluctuate strongly when the news is released.


Currently, the price of gold is falling before the news, so when the news is released, if it wants to continue to fall, there will be a sharp increase. On the contrary, if the price of gold drops when the news is released, the price of gold can recover strongly afterwards.


Price zones of interest and possible scenarios are as follows:Scenario 1: Gold prices drop to $2,910 - $2,912 when the news comes out and then recover to $2,928.Scenario 2: Gold prices drop to $2,940 when the news comes out and then fall sharply again.Scenario 3: Gold prices rise sharply to the old peak around $2.95x (This scenario is quite unlikely given the current price structure).


Since gold prices are falling before the news, scenario 1 is likely to happen the most.


Reference signals (If any signal is valid first, the remaining signal is canceled):


🔴 SELL LIMIT #XAUUSD 2936 - 2939, SL 2942, TP 2930 - 2920 - 2910


🔵 BUY LIMIT #XAUUSD 2912 - 2910, SL 2905, TP 2920 - 2930 - 2940


 

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#SetandForget: Set TP + SL, then turn off the chart and go outside for activities.