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Trading signals for #GOLD → Market awaits NFP ↘︎ How it will affect prices?

2023-11-03 10:38 GOLD Forecast

👑 Ideas For XAUUSD / GOLD

📈 GOLD → Market awaits NFP ↘︎ How it will affect prices?

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#XAUUSD reduces volatility to a low before NFP. The market is waiting for lower figures, which in the medium term may determine the medium-term fate of the market, as it has been in global flotation for several weeks.

Pay attention to the dollar index chart, a consolidation has been forming for the last two weeks due to uncertainty. The dollar index is holding the whole market in one place in the consolidation phase, a prolonged flat (consolidation) is forming in the whole forex market (major part of it)

Yesterday, Thursday, we received bearish Initial jobless claims data, which gives us the background for the expected data in Friday's NFP, at the same moment gold is testing the previously broken resistance 1984 and apparently the bulls successfully hold the area, forming a pin-bar against the level.

Analysts expect the NonFarm Payrolls to worsen by two, now imagine the market reaction if this is confirmed! From the technical analysis point of view, gold is ready to continue rising even after the unexpected NFP data, but there may be a small correction.

If the expected data is confirmed:

Nonfarm Payrolls (Oct): 180K vs. 336K in the previous period

The market will determine the medium-term outlook for the dollar and give a bullish reaction for gold.

Support levels: 1984.4, 1978.9, 1964.4

Resistance levels: 1997.3, 2008.7

I assume that before the news, volatility and flat condition will continue. On the background of news, the price may test the support before further growth (provided that bearish NFP data will be published)

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#XAUUSD 👑

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