Gold trades sideways near $4,070 as traders remain cautious ahead of the long-delayed US NFP release. A firmer US Dollar and improving risk appetite continue to limit upside momentum for the yellow metal.
Entry Zone: Buy dips toward $4,045 – $4,065
Stop Loss: Below $4,020
Targets: $4,115, then $4,145 if momentum improves
Catalyst Watch: US NFP (September), Fed rate path, equity market sentiment, DXY strength
Trading Rationale
Gold struggles to find direction as markets await key catalysts:
- Traders avoid aggressive positioning ahead of the delayed US NFP report, which may sharply influence Fed expectations.
- Fed cut bets fade — the USD trades at its strongest level since May, adding pressure on XAU/USD.
- Equity markets hold a risk-on tone, reducing demand for safe-haven assets.
- Concerns about slowing economic momentum due to the prolonged US government shutdown remain, offering light support for gold at lower levels.
Technically, gold remains capped below the H4 resistance zone near $4,100. A clean break above $4,115 is needed to confirm bullish continuation.
Key Technical Zones
Current Price: 4,069.93
Potential Resistance: 4,144.76 / 4,224.93
Potential Support: 3,998.94 / 3,922.47
DISCLAIMER: Trading gold, forex, and CFDs involves significant risk. This analysis is for educational purposes only and does not constitute financial advice. Always trade responsibly.
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