FX.co ★ XAU/USD, GOLD

XAUUSD M-30 Time Frame Update Markets anticipate a slowdown in retail spending by American consumers in December, adding to concerns about a deteriorating labor market, with the important, but delayed, Nonfarm Payrolls (NFP) report scheduled for release on Wednesday. "White House Economic Adviser Kevin Hassett said on Monday that US job gains could be lower in the coming months due to slower labor force growth and higher productivity," said Reuters. The 21-day Simple Moving Average (SMA) exceeds the 50-, 100-, and 200-day SMAs, indicating strong bullish momentum. Price remains above all rising averages, with the 21-day SMA of $4,896.01 providing local dynamic support. The Relative Strength Index (RSI) is at 56.89 (neutral), down from previous overbought levels and indicating balanced momentum. The 50-day SMA at $4,580.73 and the 100-day at $4,310.62 serve as sequential supports, while the 200-day at $3,847.79 supports the overall uptrend. With the price above all moving averages and momentum steady, falls might be absorbed at these levels, maintaining the bullish bias as the market remains above its short-term SMA support. The rising trend line from $4,397.52 supports the bullish tendency and provides support near $4,819.19. If the gold price defends the ascending support, bulls might prolong the rebound, while a closing beneath it would test the uptrend and leave room for a deeper retreat toward $4,397.52. In 2026, investors predict the US Federal Reserve (Fed) will lower interest rates by at least two 25-basis-point increments. This, combined with concerns about the US central banks independence, puts the US Dollar (USD) near its lowest level in more than a week, acting as a tailwind for non-yielding gold. Traders also appear hesitant to make big directional wagers ahead of the release of the US Nonfarm Payrolls (NFP) report on Wednesday and the US consumer inflation data on Friday.