Gold Tests Key 5000 Support After NFP-Driven Drop

NFP pushed gold lower from around the 5100 area as stronger US jobs data supported the dollar and pushed yields higher. That combination is typically negative for gold because it does not offer yield, so when real yields rise, gold often faces selling pressure.

Technically, the 5000 level is becoming very important. A daily close below 5000 would increase the probability of a downside breakout from the current triangle structure. This level is acting as key support, and losing it could signal that buyers are losing control in the short term.

XAU/USD 4 Hour Chart

If a confirmed breakdown happens, bearish momentum could accelerate as technical pressure and macro factors begin to align. Continued dollar strength, elevated yields, or reduced expectations for Fed rate cuts could add further downside pressure on gold.