GOLD → NFP ahead. Will the sell-off continue?

RLinda Updated   
OANDA:XAUUSD   Gold Spot / U.S. Dollar
XAUUSD continues to form a local bearish channel after updating the high to 2150 and strong sell-offs to the current area. There is still a huge imbalance in the market and the price could go even lower to settle the situation.

NFP could perfectly develop the expected scenario I have been telling you about since the sell-off.
Expect the data at 13:30 GMT. The Initial Jobless Claims report was released yesterday with positive data for the dollar. This could be a hint that NFP will hit the planned 180K, maybe more, instead of the last 150K. More bullish data relative to expected data will shake up the market. The dollar may strengthen, which will have a positive impact on gold.
Gold made a false breakout of 2038 resistance and bearish channel and continues to trade within the downside range. The target support levels are a potential target. But before the news, volatility will be very sluggish. The market is saving the potential for realization.

Support levels: 2027, 2025, 2022, 2007
Resistance levels: 2033, 2035, 2038

News can be unpredictable, try to trade carefully before the news. We are expecting a more positive NFP, a rising dollar and gold falling to the previously mentioned targets, but anything can happen


Regards R. Linda!

Consolidation is forming.
About 1 hour before the news publication.
Another false breakout of resistance before further fall is possible
Trade active:

the momentum gives us +130 pips at once

US - NonFarm Payrolls (Nov) = 199K. Previously 180K

US - Unemployment (Oct) = 3.7% (previously 3.9%)
Trade closed: target reached:



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