Xauusd:Will gold choose the direction today?

Before the release of employment data, a report showed that U.S. labor productivity had its largest increase in three years, helping to alleviate the inflationary impact of recent wage growth.The number of people applying for unemployment benefits rose for the sixth consecutive week, indicating that it is beginning to be more difficult for the unemployed to find new jobs.Economists predict that after the number of non-farm payrolls increased by 336,000 in September, the number of non-farm payrolls will increase by 180,000 in October.Friday's employment data is crucial.

In terms of gold, as can be seen from the chart, it has been within the range of 1968-1992.

Gold has maintained an upward trend for the time being. After four days of market conditions this week, gold fluctuated in the range on Monday, gold fell sharply on Tuesday, gold continued to fall on Wednesday, and gold fluctuated in the range on Thursday. Overall, compared with last week, the bulls are not so strong.

From a technical point of view, the three-day decline in the high of the daily cycle has become the standard top pattern, and the 5- and 10-day moving average has formed a cross-decline. Now the market lacks a stimulus. If today's data is not good for gold, the following target first looks at 1952, and then 1920, of which 1962-1968 is currently the key point for long and short competition.

We need to pay attention to the upper resistance point range:
2002-2010
1987-1992
Pay attention to the range of support points below:
1970-1975
1962-1968

Before the US market, you can still sell high and buy low in accordance with the above range, strictly control your position, and set a stop loss to improve your profitability.

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The non-farm payrolls data is 150,000, which is a big difference from the expected 180,000, but it has not broken through the previous high, so you can still sell in the second resistance range. If gold breaks through the previous high, strictly set the stop loss to 2013. If you have less funds, you can observe. Today is Friday, which can reduce trading orders and prevent accidents on weekends.

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