https://www.tradingview.com/x/CVcL7Jxm/
Gold remains strong ahead of US NFP data, which may confirm the Fed's policy easing. Weak data (forecast: +75K new jobs) will reinforce expectations of a rate cut and support gold. However, the risk of a correction is quite high, and any nuances could trigger liquidation. Weak employment data, namely rising unemployment and low ADP figures, are strengthening bets on a Fed rate cut, which overall only increases interest in the metal.
Resistance levels: 3564.5, 3578.5
Support levels: 3545.9, 3526, 3508
NFP data will determine the short-term trend. A weak report will lead to growth to $3600+, while a strong report will lead to a correction to 3450-3400. Technically, I expect a correction after the local bullish structure breaks down. It is not worth trading on the news; it is better to wait 20-40 minutes after the release to make decisions based on fundamental data.
Best regards, R. Linda!
http://dlvr.it/TMtzg2