Technical analysis by fxwithkay about Symbol PAXG: Sell recommendation (10/4/2024)

NFP Bias: The outlook for today is slightly bearish on XAU/USD if the NFP report indicates strong economic data, as this would likely strengthen the USD and increase the likelihood of further interest rate hikes. However, flexibility is essential, as a downside surprise in the NFP report could signal a potential bullish rally for gold.In summary, trading should be based on the market’s reaction to the NFP, with close attention to key technical levels and the use of risk management to navigate the volatility that typically follows this news event.