XAUUSD: NFP data is coming, prepare to sell at high levels

2024年12月6日

From last night to today's opening, gold first fell sharply, and then rose sharply. The gold market entered a roller coaster-like back-and-forth washout mode. In this washout market, if we did not close our positions in time yesterday, our work would be in vain in the end.

Judging from the current gold 1H chart, we believe that the short-selling force has not been fully released, and the rebound after the bottoming out may be a lure to buy.
Now the main resistance above is in the range of 2655-2665. If this range cannot be broken, the gold price is likely to fall again.

In addition, the monthly NFP data will be released today. According to the survey, NFP jobs may increase by 200,000 in November, while only 12,000 jobs increased in October, the lowest since December 2020, and the unemployment rate is expected to rise from 4.1% to 4.2%.
However, judging from the data, the substantial increase in jobs will inevitably have a negative impact on gold, while the increase in unemployment rate is a certain positive for gold. Of course, this is only a forecast value, and everything needs to be determined based on the actual published value.

I personally think that there may be some discrepancies in the NFP data, but a substantial increase in the data will be a real negative.

Therefore, based on the above data and analysis, my view today is to look at the rebound first, and then choose to short gold at a high level based on resistance.

2024年12月6日

交易進行

NFP data is bearish for gold. You can find selling opportunities on your own. Good luck to you all.