#GOLD_UPDATE - Consolidation and compression at resistance ahead of NFP
$XAU was delayed due to the shutdown. The market is holding its breath ahead of a possible surge.
The forecast for NFP in January is +70,000 (compared to 50,000 in December). At the same time, the annual revised employment estimate will be released.
Two scenarios for gold's reaction:
Weak data: Will reinforce expectations of a Fed rate cut in June → gold will rise.
Strong data: Will reduce the likelihood of an early Fed easing → a new wave of gold correction.
Gold is in a waiting mode for a strong trigger. The NFP report will set the short-term direction, but a sustainable trend will only form after the release of inflation data on Friday. The key level of $5,000 will remain the nearest support for buyers.
Resistance levels: 5089, 5241
Support levels: 5000, 4976, 4902
A breakout of resistance at 5089 and a close above this level could signal further growth. The market has accumulated enormous potential, and news could be the driving force. It is possible that the market will test support at 4976-4900 before growing.
$XAU
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