Gold is fluctuating within an upward channel but shows signs of adjustment from the upper resistance area.
On the H4 chart, EMA 34 is above EMA 89, indicating a slight upward trend. However, the continuation of this trend depends on whether the price can bounce back from the support level.
Gold may test the support area at $2,480. If this level holds, the price could recover to the resistance level of $2,530. Otherwise, it may continue to decline to $2,500.
Regarding news: The US NFP report could significantly impact XAUUSD. If NFP is better than expected, the USD will strengthen, putting pressure on gold prices.