By earn 
Ideas For XAUUSD / GOLD
Consolidation below the SMA. What was the impact of NFP? (https://www.tradingview.com/chart/XAUUSD/2TLrAo1c-GOLD-Consolidation-below-the-SMA-What-was-the-impact-of-NFP/)
———————————————
GOLD is consolidating below previously crossed SMA50 & 200 after Friday’s shakeout. A surprising NPF shook up the market. The dollar is rallying while gold is drawing downside resistance…
The main reason for a possible decline in gold prices is the weakening expectations of a 0.5% Fed interest rate cut in November. A very strong NFP report all but eliminated the likelihood of a Fed rate cut in November. The reading beat market expectations of 140K by a wide margin. Nevertheless, the price of gold managed to resist a corrective decline thanks to the ongoing geopolitical risks associated with the escalating conflict in the Middle East. Traders are now looking forward to the upcoming Fed speech.
Gold is technically in the sideways range of 2685 – 2623. There is no actual direction, so you can trade between buy and sell levels…
Resistance levels: SMA, 2661, 2673
Support levels: 2639, 2631, 2623
Bears are likely to exert maximum strength in the resistance zone, the market may react by declining to the liquidity zones. There is a high enough probability of formation of a false breakout of resistance before further decline
