Trading signals for #GOLD → Consolidation ahead of NFP. What to expect?

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👑 Ideas For XAUUSD / GOLD

📈 GOLD → Consolidation ahead of NFP. What to expect?

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#XAUUSD has been consolidating for 4 days. The formation is directed to realization at the moment of #NFP publication. The market was in a downtrend for a long time, after which it went into a narrow consolidation, there were no pullbacks at all in the last two weeks

Today, at 12:30 GMT NonFarm Payrolls & Unemployment Rate (Sep.) will be published. This is quite important news for short-term forex market pricing. The impact is on the dollar, and from it already on gold. On the chart we see the formation of a long 4-day consolidation in the range of 1828 - 1815. On the daily chart, the maximum decrease in volatility over the last 2 weeks is forming. The consolidation is starting to form a pre-breakout character as this range is forming near trend support and near the key level of 1809-1807. Hence, based on the negative fundamental background and the formation of a pre-breakout consolidation, there is every chance of a support breakout and further decline towards both 1800 and 1775. But there is always a BUT. News is an unpredictable nuance. Negative news for DXY can give a bullish surge for gold and vice versa. The nuances are shown on the d1 chart. On D1 SMAs are in the phase of signal realization

Support levels: 1815.3, 1812, 1807

Resistance levels: 1828, channel border

It is difficult to expect something concrete from the news. In the short term there may be a retest of these resistance areas, but in the medium term I continue to wait for the fall

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#XAUUSD 👑

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