Xauusd gold analysis NFP news

Gold (XAU/USD) Trade Idea - Based on the Chart Analysis

Key Price Levels:

Resistance Zone (Sell Area): $2,920 - $2,925

Support Zone (Target Area): $2,880 - $2,879
Trade Setup (Sell Idea):

1. Entry (Sell Limit): Around $2,920 - $2,925 (Resistance Zone)
2. Take Profit (TP): $2,880 - $2,879 (Support Area)
3. Stop Loss (SL): Above $2,930 - $2,935 (Above Resistance to avoid false breakouts)
4. Risk-to-Reward Ratio: ~1:4 (Good Risk Management)

Technical Analysis Confirmation:

Price is testing a strong resistance zone, which could cause a reversal downward.
Volume analysis shows potential rejection at resistance.

Bearish pattern formation suggests a downside move.
Additional Considerations:

If NFP data is negative for USD, Gold might break resistance instead of dropping.
If Gold fails to break resistance, a sell trade is valid as per the chart setup.
Watch for confirmation candles before entering the trade.