# Gold Market Weekly Review: Pending Head-and-Shoulders Pattern

> Gold's bearish pattern faces NFP report shock as traders brace for short-term dip.
- Title: Gold Market Weekly Review: Pending Head-and-Shoulders Pattern
- Summary: Gold's bearish pattern faces NFP report shock as traders brace for short-term dip. Gold prices dropped $60 after U.S.
- Keywords: gold, non-farm payrolls, us dollar index, federal reserve, interest rates, technical analysis, head and shoulders pattern, gold price target, central banks, people's bank of china, TradingView
- Source: TradingView — https://tradingview.com/chart/XAUUSD/BL1RYYdu-Gold-Market-Weekly-Review-A-Pending-Head-and-Shoulders-Patter
- Published: 2026-11-08T06:26:40+00:00
- Read time: 2 min
- Topics: gold, non-farm payrolls, us dollar index, federal reserve, interest rates, technical analysis, head and shoulders pattern, gold price target, central banks, people's bank of china, business, finance
## Gold Market Weekly Review
This week’s gold market played out like a meticulously choreographed drama: the first half featured a spirited counterattack by the bulls, while the second half turned into a solo performance by the bears.
## Technical Pattern Analysis
Gold formed an inverse head and shoulders structure with the left shoulder in 3972, 3988, head near 3875, and right shoulder retracing into 4030, 4080.
## Right Shoulder Weakness
The rebound of the right shoulder failed to break through the downward trend line and reversed below 4212, 4233 bull-bear boundary zone.
## Non-Farm Payrolls Report
U.S. Non-Farm Payrolls report for October showed 165,000 new jobs added, unemployment rate at 4.1%, and U.S. Dollar Index surged 0.74%.
## Market Reaction
Spot gold plummeted nearly $60 from intraday high to touch 4,029 after NFP report, shattering bullish expectations.
## Fed Rate Hike Probability
The NFP report sent probability of December Fed rate hike from 67% to 80%, with San Francisco Fed President Daly stating, 'My expectation is that we will have to tighten policy further.'

> My expectation is that we will have to tighten policy further.
## Short-Term Outlook
Expect bearish consolidation as gold falls below short-term moving averages with MACD momentum bars contracting.
## Key Support Level
Price needs to reclaim 4,080, 4,100 level to avoid testing 3,972, 3,988 secondary platform decline zone.
## Central Bank Buying
People's Bank of China added 830,000 ounces in October, the largest monthly increase since resuming gold purchases.
## Medium-Term Risk
Real risk is Fed rate hike in December coupled with dot plot signaling action into 2027, potentially dropping gold below 3,900.
## Trading Strategy
If gold rebounds toward 4,120, 4,150, take profit on short positions; if drops to 3,970, 3,988 with stabilization, scale into long positions.
## Market Reality Check
The NFP report shattered half of bulls' illusions; whether the remaining half survives depends on next week’s CPI data and Fed commentary.
## Key takeaway

Gold prices dropped $60 after U.S. Non-Farm Payrolls report showed 165,000 new jobs and 4.1% unemployment, shifting market focus from safe-haven demand to higher interest rates.