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GOLD → Will NFP weaken gold? What should we expect?

2024-01-05 10:08 GOLD Forecast

👑 Ideas For XAUUSD / GOLD

📈 GOLD → Will NFP weaken gold? What should we expect?

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GOLD is consolidating under a strong resistance level. Yesterday the gold market received negative fundamental data, in all likelihood, which will also affect NFP

snapshot

On the high timeframe we see the formation of a resistance zone formed by several highs and levels. At the moment the focus is on the 2050 level. After a false breakdown and on the news on Thursday, a bearish consolidation is forming under the level to continue the decline. Based on the previous data, we have a high chance of seeing a negative NFP for gold. In that case, the price may head downwards. But, the problem with news is that it is unpredictable, rlinda. com The opposite of the expected NFP can strengthen the gold. Wait for the actual data.

On H1, there is a possible resistance retest before further decline. Moving averages previously formed a trend change signal and now indicate a downtrend.

Support levels: 2038.9, 2031, 2015

Resistance levels: 2049.3, 2058.3

Technically and fundamentally, the price is expected to decline towards the mentioned targets. rlinda. com But if the actual news data will be opposite to the expec

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