Daily Market Analysis 08/10/2021: GOLD

Daily Analysis / Online Education

Daily Market Analysis 08/10/2021: GOLD

Instrument: GOLD

Technical Analysis

Bullish Preference: 
Buy position is envisaged if price trades above 1760.92 with take profit at 1763.18
Bearish Preference: 
Sell position is envisaged if price trades below 1751.54 with take profit at 1749.31
1:30pm USD Average Hourly Earnings m/m
USD  Non-Farm Employment Change
USD Unemployment Rate

Comment: The dollar edged higher Friday ahead of the release of the highly-anticipated monthly U.S. jobs report, which looks likely to confirm assumptions that the Federal Reserve will start to normalize monetary policy in November. For now Gold is seen struggling at a consolidation between 1760 and 1752 price levels as both bulls and bears are still a bit sceptical about where the metal would head to next after the news.

Analysis: SCRUM Team

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