Gold Drops as NFP Beats, USD Gains📊 Market Overview:
• June’s Non-Farm Payrolls came in stronger than expected at +147K (vs 110K forecast), with unemployment ticking down to 4.1%.
• The US Dollar surged (DXY up ~0.5%) and Treasury yields rebounded following the release.
• Gold dropped sharply after the report, hitting a session low of $3,311 and is now trading around $3,328.
📉 Technical Analysis:
• Key Resistance: $3,364
• Immediate Support: $3,311
• EMA 09 (H1): Price is below the 09 EMA → confirms short-term bearish trend.
• Pattern / Momentum: A bearish engulfing candle near $3,364 signaled strong seller control. The failure to bounce afterward suggests persistent bearish pressure. RSI is tilting lower, confirming weakening momentum.
📌 Outlook:
Gold may continue to decline toward the $3,300–$3,290 area if USD and yields remain firm, especially if upcoming US data (such as ISM Services PMI) also supports the dollar strength.
💡 Suggested Trade Setup:
🔻 SELL XAU/USD at: $3,333 – $3,335
🎯 TP: $3,300
❌ SL: $3,339
🔺 BUY XAU/USD at: $3,293 – $3,290
🎯 TP: $3,330
❌ SL: $3,287
