US NFP: Gold Faces USD Pressure
Updated
Gold is fluctuating within an upward channel but shows signs of adjustment from the upper resistance area.
On the H4 chart, EMA 34 is above EMA 89, indicating a slight upward trend. However, the continuation of this trend depends on whether the price can bounce back from the support level.
Gold may test the support area at $2,480. If this level holds, the price could recover to the resistance level of $2,530. Otherwise, it may continue to decline to $2,500.
Regarding news: The US NFP report could significantly impact XAUUSD. If NFP is better than expected, the USD will strengthen, putting pressure on gold prices.
On the H4 chart, EMA 34 is above EMA 89, indicating a slight upward trend. However, the continuation of this trend depends on whether the price can bounce back from the support level.
Gold may test the support area at $2,480. If this level holds, the price could recover to the resistance level of $2,530. Otherwise, it may continue to decline to $2,500.
Regarding news: The US NFP report could significantly impact XAUUSD. If NFP is better than expected, the USD will strengthen, putting pressure on gold prices.
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Today, September 3rd, 2024, gold (XAU/USD) maintains an upward trend, trading below $2,500. However, selling pressure near the $2,532 resistance level could push prices down to the $2,483-$2,477 support zone. Upcoming U.S. employment data will be crucial in determining gold's next direction. If the data is weak, gold may rise toward $2,600.
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