Gold XAUUSD Chart Technical Outlook tends to resume lower if strong NFP, bears target $2,605
Gold has been trading sideways for two weeks. Eyes are on today’s NFP data. The Fed is turning less dovish, which supports stronger USD and weaker Gold. Today’s employment and next week’s CPI data should give clues about the FOMC decision later this month. The last NFP release showed a soft labor market, but that was due to hurricanes and strikes. The base case scenario is that today’s data could show a resilient labor market, supporting USD higher and Gold lower. Resistances are seen at $2,665 and $2,685. Supports are located at $2,620 and $2,605.
