GOLD (XAUUSD): Technical Outlook Ahead of NFP 🥇

6 Okt 2023

https://www.tradingview.com/x/J3nPGcYk/

Traders, remember that we are expecting the NFP release today.
Here is my technical outlook for Gold ahead of the news.

Analyzing a daily time frame, we can spot that the market is under a strong bearish pressure.
The market is very close to a key daily support 1803 - 1811.

Checking a 4H time frame, I see a slowing bearish momentum and a consolidation.
The price started to respect 1827 - 1833 intraday resistance.

For now, I would suggest to wait for a test of a daily support
and look for a confirmation to catch a pullback from there.

Alternatively, a bullish breakout of the underlined red resistance will confirm
the initiation of a correctional movement.

Lastly, in case of very bearish news, I will post the updated analysis on a weekend.

For now, I strictly recommend not to trade the market and wait for the fundamentals first.

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