Will the NFP report act as a catalyst for a downside breakout?

In my post yesterday, I argued that multiple resistance levels exist above 2925, which could lead to a market decline.

Indeed, throughout the day, gold dipped below 2900 once again, but support held, keeping the price stuck in a range.

Looking ahead, today’s NFP data could act as a catalyst for a breakout from this range.

My bias remains bearish, and I expect a break of the support level, followed by a continuation downward toward last week's lows.

However, a breakout and sustained buying above 2925 would shift my outlook.

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