Gold (XAUUSD) and Silver Consolidate Ahead of Delayed Jobs Report

Gold (XAUUSD) price rebounded on Tuesday to around $4,070 after a three‑day decline. The recovery comes as risk‑off sentiment builds ahead of key U.S. economic releases. The market is now awaiting the delayed Nonfarm Payrolls (NFP) report and the FOMC Minutes, both of which are important events to set the next move in the gold and silver markets.

The delayed NFP data for September and October have increased uncertainty around the Federal Reserve’s policy path. Without updated labour data, the Fed may find it difficult to justify further tightening or to begin cutting rates in December. If Thursday’s NFP release comes in weaker than expected, it could pressure the U.S. Dollar and support gold, which tends to benefit from lower rate expectations.

However, recent hawkish signals from Federal Reserve officials may limit gold’s upside. Fed Vice Chair Jefferson and others have emphasised a cautious approach to rate cuts, warning that inflation remains a concern. As a result, market expectations for a December rate cut have dropped from over 60% to 48.9%, reducing near-term support for gold.

Gold Technical Analysis

XAUUSD Daily Chart – Ascending Broadening Wedge

The daily chart for spot gold shows that the price has reached strong resistance near the $4,250 level.  This resistance aligns with the upper boundary of the ascending broadening wedge pattern. Following this, the price corrected lower toward the 50-day SMA and is now consolidating in a tight range around the key $4,000 level.

A break below the $4,000–$3,900 region could trigger a deeper decline toward the 100-day SMA, located around the $3,700 area. On the other hand, a breakout above the $4,250 resistance would likely resume the bullish momentum.

The RSI is hovering near the mid-level, reflecting uncertainty about the next move. However, the broader trend remains bullish, and this correction may present a buying opportunity for the next leg higher in the gold market.

XAUUSD 4-Hour Chart – Consolidation Patterns

The 4-hour chart for gold shows strong consolidation above the $3,970 region. The price recently corrected back toward the $4,000–$3,900 zone and is attempting a rebound.

However, the rebound remains uncertain, and the short-term trend continues to show consolidation. A breakout above the $4,250 area could trigger a strong upward move. On the other hand, a break below the $3,900 level would reinforce the short-term bearish trend.

Silver Technical Analysis

XAGUSD Daily Chart – Super Bullish Momentum

The daily chart for spot NFP data shows that the price has pulled back from the recent high of $54.50 toward the 50-day SMA. This correction remains above the key support level at $49.30, indicating short-term price consolidation.

Additionally, the RSI has stabilized above the 50 level, further suggesting a consolidative phase. The broader trend remains bullish, supported by the formation of an inverted head and shoulders pattern along with an Adam and Eve base.

A breakout above the $54.50 level would signal the potential for a strong upward surge in the silver market.

XAGUSD 4-Hour Chart – Bullish Consolidation

The 4-hour chart for spot silver shows that the metal has formed an inverted head and shoulders pattern and moved higher to mark a recent peak at the $54.54 level. After reaching this high, the price corrected back toward the neckline of the pattern, located around $49.30.

The price rebounded from this support level but now shows signs of uncertainty and short-term consolidation. The previous low was near $45.80, and the high was at $54.40, suggesting a strong consolidation range between the $45 and $55 levels.

This pattern indicates that silver requires a clear breakout from either side of this range to confirm the next directional move.

US Dollar Index Technical Analysis

US Dollar Daily – Consolidation

The daily chart for the U.S. Dollar Index shows that the index is consolidating just below the 200-day SMA near the 100.50 level. A break below the 98.00 level would keep the index in negative territory and likely push it down toward the 96.50 region. Conversely, a breakout above 100.50 would signal renewed bullish momentum, with potential upside toward the 102.00 level.

The RSI is consolidating above the midline, suggesting a mildly positive trend in the short term. However, the strong resistance at the 200-day SMA continues to exert downward pressure on the index.

US Dollar 4-Hour Chart – Consolidation

The 4-hour chart for the U.S. Dollar Index shows strong consolidation between the 96.50 and 100.50 levels. A breakout from either side of this range will define the next directional move.

A break above 100.50 could push the index toward higher resistance near 102.00. On the downside, a break below 96.50 would violate long-term support and may trigger a sharp drop toward 90.00.