XAUUSD consolidates above $4,100 ahead of a key vote in the US House of Representatives on reopening the government. The rise is supported by weak employment data and expectations of Fed policy easing...
Key factors: Losses of more than 11,000 jobs per week until the end of October have heightened concerns about the labor market. The probability of a Fed rate cut in December has risen to 68%. Lower government bond yields and a weaker dollar have supported gold.
The resumption of data publication after the shutdown may change market sentiment (it is important to monitor actual data).
Gold retains its upside potential, but a short-term correction is possible. The outcome of the vote in Congress will determine the immediate dynamics.
Resistance levels: 4148, 4161
Support levels: 4097, 4075, 4046
If the bulls keep gold above 4100-4120, then in the short term, the market will be able to test resistance for a breakout. However, as a primary retest, I expect a rebound before the breakout and growth, provided that the fundamental background remains unchanged and continues to support the market...
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