Before Nonfarm Payrolls (October):
Previous jobless claims: 4.2%; forecast: 4.2%;
Previous nonfarm payrolls: 2.9; forecast: 6.5.
Employment above expectations would be bearish for gold!
This afternoon, Fed's Williams said the labor market is unusually stable and robust!
Judging purely from the candlestick chart, the bearish pattern in gold is clear, and the current consolidation is building 4060 into a strong resistance area.
If the data is bearish, gold could fall to either the 4010 area or the 3970 area;
If the data is bullish and gold rebounds, it may still pull back in the short term, because 4110 is an absolute resistance level today.
Nonfarm payrolls can trigger considerable volatility, so trade cautiously and manage risk! This analysis does not constitute investment advice! #XAUUSD #非农 $XAU
Previous jobless claims: 4.2%; forecast: 4.2%;
Previous nonfarm payrolls: 2.9; forecast: 6.5.
Employment above expectations would be bearish for gold!
This afternoon, Fed's Williams said the labor market is unusually stable and robust!
Judging purely from the candlestick chart, the bearish pattern in gold is clear, and the current consolidation is building 4060 into a strong resistance area.
If the data is bearish, gold could fall to either the 4010 area or the 3970 area;
If the data is bullish and gold rebounds, it may still pull back in the short term, because 4110 is an absolute resistance level today.
Nonfarm payrolls can trigger considerable volatility, so trade cautiously and manage risk! This analysis does not constitute investment advice! #XAUUSD #非农 $XAU