Gold → Consolidation. One more step to distribution...
XAUUSD fluctuating slightly due to high risk ahead of the news. Meanwhile, at this moment, strong momentum is forming. The price is consolidating within a local range. Previously, the price broke through the local ascending support...Ahead of economic data, traders are consolidating. Volatility is decreasing, and the market is not yet ready to take risks. Investors' attention will shift to the private sector employment report, Fed Chair Jerome Powell's speech, and the non-farm payroll report. Currently, the market is pricing in a 69% probability of a 25-basis-point rate cut at the December 17-18 meeting.
Since there is no clear trend in the market and the price is within a channel, we will consider trading from its borders. Therefore, a false breakout of the key resistance level could trigger a drop to the support of the range.
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