During the Asian trading session on Monday (November 17), spot gold is currently trading around $4,067.64 per ounce. As of the latest update, the price stands at $4,067.64, down 0.29%, after reaching a high of $4,105.77 and a low of $4,065.67. The short-term outlook for spot gold appears bearish.

**Key Highlights** The highly anticipated U.S. nonfarm payrolls report for September is set to be released this Thursday. Notably, the report's publication has been delayed by over a month from its original October 3 schedule.

TD Securities strategist Goldberg suggests that this report may not impact markets as significantly as usual. The reason lies in the timing of November’s nonfarm payrolls data, scheduled for release on December 5—ahead of the Federal Reserve’s policy meeting on December 9–10. However, Goldberg adds that this timeline depends on confirmation from the Bureau of Labor Statistics to ensure no further delays due to prior disruptions.

In contrast, David Russell, Global Market Strategist at TradeNation, holds a different view. He warns that the delayed data could trigger substantial market volatility, with investors likely interpreting the figures as evidence of a struggling labor market rather than positive trends.

Russell elaborates, "Regardless of the actual numbers, the market may skew toward a negative read, given prevailing concerns about economic weakness, sluggish job growth, and elevated inflation."

Meanwhile, strategists Ian Lyngen, Will Hartmann, and Delaney Cui from BMO Capital Markets note, "Intuitively, strong September job gains could be dismissed as outdated pre-shutdown data, while weak figures may be seen as a clearer indicator of softening conditions before October 1."

**Latest Spot Gold Analysis** Technical indicators suggest spot gold may retest support at $4,024 per ounce. A break below this level could open the door to a decline toward the $3,935–$3,971 range.

The current downtrend extends from the $4,381 peak, with the market now in Wave C, potentially targeting $3,886. A Fibonacci retracement shows $4,024 as the 61.8% support level, which previously triggered a rebound. However, any recovery is now viewed as a corrective move toward resistance at $4,109 and the ascending trendline. A breakout above $4,109 could push prices toward $4,162.

On the daily chart, failure to breach the $4,197 resistance, coupled with the steep drop on November 14, signals that the rebound from the $3,900 support may have concluded or only represents its initial phase.

With the $4,084 support breached, the next critical level to watch is $4,004.

*Disclaimer: This content is for informational purposes only and does not constitute investment advice. Investors should conduct their own due diligence.*