GOLD → NFP may release price from consolidation
XAUUSD declines to 2615 and forms a false breakdown. Traders are confused as they wait for NFP and are not preparing for premature action yet, waiting for economic data... The dollar is having some trouble indicating it is ready to enter a deeper correction phase, but now it all depends on NFP and the Fed. Metal is still squeezed inside the 2660 - 2615 flat. A false break of the support forms a pullback to the liquidity sides
If the NFP is below the expected 200K, the gold may go up, as it will indicate the continued cooling of the US labor market and encourage the Fed to cut rates further. But, strong NFP data could put pressure on the decision to pause the Fed's interest rate cut cycle, which could put negative pressure on the metal....
Resistance levels: 2655, 2660
Support levels: 2636, 2605
Technically, the NFP may influence the price to leave the channel, which may be accompanied by a strong impulse. The price direction depends on the immediate actual employment data....
A break of resistance will trigger a rise to 2690
A break of support will trigger a fall to 2580
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