XAUUSD: Caution advised ahead of NFP release

OANDA:XAUUSD current bullish momentum is weakening, and traders are extremely cautious ahead of the upcoming Non-Farm Employment Change, which is expected to be USD-positive , accompanied by gradually emerging profit-taking pressure from investors. Therefore, I expect gold to have a significant correction soon after completing the upward move above the area.
You can read my previous analysis here:

https://www.tradingview.com/chart/XAUUSD/TN85cdGC-XAUUSD-Seeking-new-highs/

https://www.tradingview.com/x/41z8cZCs/
There has been the appearance of long put contracts from CME traders being deployed into the market , which is a move to guard against a potential decline in gold in the future.
However, this is only the market’s preparation, and at present there is no sign of a reversal .
Continue to look for buy setups toward Targets 1 and 2. Pay attention to the Margin zone, where CME traders are concentrating a large number of contracts, which may cause price to reverse.

Key resistance:
Key strong support: ,
Margin zone:

Wait for confirmation of a Buy (Pull) signal from MagnetOsc Turbo on the lower timeframes after price breaks above the resistance zone and pullback. Place the stop below the most recent M5 swing low when the entry signal appears.
Continue to look for buy setups toward Target 1 & Target 2, while closely watching for reversal signal.
Please like and comment below to support our traders. Your reactions motivate us to produce more analysis in the future 🙏✨

Victor Dan @ ZuperView


http://dlvr.it/TNQTs6