Today’s Top Trade Ideas: Nasdaq & Gold (Fri, Nov 1)

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Welcome to today’s edition of The Daily Trader! It’s NFP Day – a major event that promises extra market volatility, so stay sharp! We’ve got you covered with an exclusive watchlist, expert trade ideas, and a complete market outlook to navigate today’s action. Whether you're a seasoned pro or just starting out, our insights will keep you informed and ahead of the curve. Get ready for an exciting day in the markets!

Nasdaq Futures - $NQ

Nasdaq dropped 2.44% yesterday, wow! Last time we saw a drop like this was September 6th. What happened last time? The market bounced and went into an uptrend for the rest of the month. I believe we can see that happen again.

Technical Analysis

• RSI is oversold on the 1 and 4 hour timeframe.

• Testing major Fibonacci golden pocket.

• Testing previous week lows.

• Broke below the falling wedge forming since august.

• Important levels to watch: $20,495, $20,261, $20,079, and $20,010.

Gold Futures - $GC

Gold has been in a huge uptrend these last few months. Looking at the chart, EVERY time we see a pullback it always recuperates. I believe the same will happen in the upcoming days.

Technical Analysis

• Overall we are in a massive uptrend.

• Reclaimed and holding above the Fibonacci golden pocket.

• Look for a break above weekly VWAP for buys

• Important levels to watch: $2,790, $2,767, $2,739, and $2,731.

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Today I have a bullish bias on the market. Yesterday, we saw a large drop taking NQ & GC to critical levels. I believe we can see a relief bounce given the current nature of the market. However, I would like to see how we react to NFP before taking buys.

Feel free to use this analysis and levels provided as confluence with your own trading strategy and apply it to your setups. Utilize the levels I’ve provided to identify potential entry points, and remember to manage risk appropriately in case of any unexpected reversals. Let’s stay patient and allow the market to present the right opportunities!

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We hope you enjoyed today’s analysis, packed with all the juicy insights you need to conquer the trading world! Stay tuned for more updates, analysis, and watchlists from The Daily Trader. Remember, the secret sauce to trading success is staying in the loop and making those savvy decisions. Thank you for being an awesome part of our community, and get ready for even more epic content coming your way soon. Until next time, trade on and stay awesome!