GOLD → Mixed data forms a symmetrical triangle

XAUUSD is bouncing off support at 4030, with bulls trying to maintain the current trend. The fundamental backdrop is currently weak for gold, which is why there are bears in the market. The PMI report is coming up...

Mixed US employment data (NFP growth to 119K, but unemployment rose to 4.4%) has created uncertainty. The probability of a Fed rate cut in December remains at 40%. Fed officials remain cautious, warning of the risks of premature easing.
Focus on the 4070-4082 area and local trend resistance...
Gold is awaiting new signals from PMI data. A breakout of the range is likely if there are significant deviations from forecasts (Manufacturing PMI: 52, Services PMI: 54.8)
Technically, a symmetrical triangle is forming on the chart, which could keep the market within its boundaries if the fundamental background remains unchanged. However, a breakout of either boundary could trigger a distribution in the direction of the break

Resistance levels: 4080, 4110
Support levels: 4040, 4030, 4006

In the medium term, gold currently looks weak. The reaction to support is weakening, a cascade of levels and a downward resistance line are forming. The market may test the 4080 area, but if the PMI is weak, gold will return to attack the trend support. However, a break above 4082 and a close above this zone could give us a chance for growth.

Best regards, R. Linda!