GOLD → Ahead of NonFarm Payrolls. What to expect from gold?
Updated
XAUUSD is in consolidation with gradually narrowing local extrema. NonFarm Payrolls are ahead and traders are getting nervous about further movement. Up for renewal of highs or a long-awaited correction?
Before NFP, traders resorted to adjusting positions, taking profits on the US dollar rally (reasons: strong employment and PMI data from ISM). The encouraging data weakened bets on an aggressive interest rate cut by the Fed. However, the decline in gold prices remains subdued due to heightened geopolitical tensions in the Middle East.
The future direction of the gold price will be determined by the upcoming US employment data. Gold could move into a correction if NFP shows an upside surprise, which would impact the USD rally and strengthen bets for a 0.25% Fed rate cut in November. Conversely...
Resistance levels: 2665, 2673, 2685
Support levels: 2653, SMA 200 & 50, 2640
The SMAs are narrowing, which could also be a hint of a possible correction (if there is a crossover). Technically gold is ready for a correction, but fundamentally, unpredictable news may affect further growth. Analysts are inclined to the beginning of correction on the background of strong economic data of the first half of the week
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