GOLD → Correction before NFP. What are the chances of a decline?

2 Mei

XAUUSD strengthens amid dollar correction. The market is correcting ahead of NonFarm Payrolls, trying to accumulate potential before high volatility.



Gold recovers ahead of US employment report
On Friday, gold rebounded from a two-week low, recouping some of its losses ahead of the release of US labor market data (NFP), which could set the tone for prices going forward. Amid optimism over trade talks and a strong dollar, gold ended its worst week in two months, but geopolitical tensions and a potentially weak jobs report could boost demand for safe-haven assets again.
The correction in the dollar gives gold a small chance to strengthen. However, fundamentally, the overall trend has already set the tone and gold may continue to fall.

Resistance levels: 3268, 3285, 3295
Support levels: 3227, 3204

The correction may reach a local zone of interest (money pool) — liquidity above 3270, or the 0.7 Fibonacci zone, after which the price may continue its course along the new trend — down to 3193.
However, unpredictable and unexpected data could disrupt the structure and push the price up to 3320-3350.

Best regards, R. Linda!

2 Mei

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