Saad Ullah
⬤ Gold is consolidating near a key supply zone between $4,517 and $4,545 after pushing higher from demand levels. The rally broke previous resistance and established higher highs, but momentum has now stalled beneath overhead supply. The market is expected to remain choppy and range-bound until the U.S. Non-Farm Payrolls data hits.
⬤ The recent move up was clean—price broke through internal resistance and shifted structure bullishly. But now XAUUSD is catching its breath just below that supply area. The chart shows multiple support and demand zones sitting below current price, which suggests this is more of a pause than a full reversal. Markets are positioning cautiously ahead of the big data release.
⬤ Once NFP drops, expect sharp intraday swings. The sell zone sits between $4,517 and $4,545, with invalidation above $4,600. If price rejects from supply, downside targets include $4,400, followed by deeper levels around $4,300 and $4,270. Until the data clears, gold will likely chop between these levels rather than trending cleanly in either direction.
⬤ This matters because U.S. jobs data often triggers immediate moves in gold and shifts expectations around rates and the dollar. How gold reacts at this supply zone after NFP will likely decide whether the recent bullish momentum continues or gives way to a correction. With price sitting at a technically sensitive spot, the post-NFP reaction could set the tone for the days ahead.
Saad Ullah
