Markets hesitant, GOLD sideways on NFP data day

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In the Asian trading session on Friday (March 7), the spot XAUUSD maintained a very slight decline during the day and the current gold price is around 2,911 USD/ounce. On this trading day, investors will pay attention to the US non-farm payrolls report, which is expected to impact the main trends in the gold market.
The US non-farm payrolls are expected to increase by 160,000 in February. Gold is likely to react more strongly to disappointing employment data than to an optimistic non-farm payrolls report because this will push gold prices higher, ending the period of downward adjustment and subsequent recovery and accumulation in the past.
The US will release its February non-farm payrolls report at 20:30 Hanoi time on Friday.
Surveys show that the number of non-farm payrolls in the US will increase by 160,000 in February, after increasing by 143,000 in January. The US unemployment rate is expected to remain at 4.0% in February.
Surveys also show that the monthly increase in average wages in the US is expected to slow to 0.3% in February, after increasing by 0.5% in January. Average hourly earnings are likely to increase at an annual rate of 4.1% in February.

The Federal Reserve is closely monitoring signs of weakness in the labor market as it tries to balance supporting the labor market and controlling inflation. The slowdown in employment data certainly adds complexity to the Fed’s decision-making process.

Review of expected data: A large negative surprise in non-farm payrolls, at 100,000 or lower, could put significant pressure on the dollar and open the door for a move higher in gold to help it end the week on the positive side. On the other hand, if the non-farm payrolls figure reaches or exceeds 180k, the dollar could remain firm and limit the upside potential for gold.

Technical outlook for XAUUSD
Gold is still in the process of accumulation before receiving a strong impact of structural change from NFP data released today. Up to now, the upward momentum is limited but short-term price declines are supported from the base price area of ​​2,900 USD, this is considered the closest support to pay attention to readers in the previous publication.

Technically, the short-term trend is currently unclear as the Relative Strength Index (RSI) is also moving sideways in the 60-50 range, indicating that market sentiment is still hesitant.
However, considering the overall fundamental and technical picture, my personal opinion is to defend the bullish view, with each decline only being considered a short-term correction or a buying opportunity.

During the day, the technical outlook for gold continues to target the technical level of 2,942 USD in the short term, more than the all-time high. Notable positions will also be listed as follows.
Support: 2,900 - 2,880 USD
Resistance: 2,942 - 2,956 USD

SELL XAUUSD PRICE 2976 - 2974⚡️
↠↠ Stoploss 2980

→Take Profit 1 2968
↨
→Take Profit 2 2962

BUY XAUUSD PRICE 2877 - 2879⚡️
↠↠ Stoploss 2873

→Take Profit 1 2885
↨
→Take Profit 2 2891

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The US NFP index in February was 151,000, slightly lower than market expectations, and the unemployment rate was 4.1%, the highest since November 2024.

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