Gold wiped off gains in the early Asian session ahead of US NFP report

XAU/USD Technical Overview:

After a modest decline from $3135, Gold is displaying mixed signals across multiple timeframes as prices consolidate near $3100 at the time of writing. On the daily chart, a High Wave candlestick reflects market indecision near recent highs. The 4-hour chart shows price is trading below the 20 SMA suggesting short-term bearish pressure. 

Intraday Strategy:
The trend remains neutral, with a strategy favouring buying near key supports and selling at resistance zones.

Weekly Outlook:
The broader weekly trend remains extremely bullish though there are early signs the prices may enter into a corrective phase or consolidation.

Key Levels:

• Resistance: 3108, 3120, 3135

• Support: 3087, 3076, 3055

FUNDAMENTAL OVERVIEW 

Following some profit-taking, Gold re-established strength to $3135 in the late American session on Thursday however prices registered mild losses in Friday's early session. Despite facing selling pressure, several factors are likely to lend support to the yellow metal and limit downside risk. 

Markets were shaken after US President Donald Trump announced new reciprocal tariffs of at least 10% on all imports, raising concerns about a global economic slowdown.
In response, traders increased bets that the Federal Reserve will restart rate cuts in June and deliver up to four reductions by year-end as recession fears grow due to Trump’s trade stance.
Market focus now shifts to the US March jobs report due Friday, featuring key data such as Nonfarm Payrolls (NFP), the Unemployment Rate and Average Hourly Earnings.