. Commodity Markets Outlook: Latest News On Gold Prices

Gold Down, but Remains Near $1,800 Mark, in Leadup to U.S. Jobs Report

06 Aug 2021

Gold was trading 0.52% down at  $1,799.60.

Gold was down on Friday morning in Asia, but remained near the key $1,800 mark as investors await the latest U.S. jobs report.

Gold Futures were down 0.39% to $1,801.90 by 1:24 PM ET (5:24 AM GMT) and were set for their worst weekly performance since mid-June 2020.

The U.S. report, including non farm payrolls data, is due later in the day and could dictate the U.S. Federal Reserve’s next policy move.

“If we get a combination of really solid payroll numbers coming on the back of a hawkish rhetoric by the Fed, I think it’ll spook any interest rate sensitive markets like gold… That’s why we’re seeing risk reductions right now,” SPI Asset Management managing partner Stephen Innes told Reuters.

However, a complete meltdown in gold is highly unlikely and support level of $1,790 should hold, he added.

Indicative of sentiment, holdings in SPDR Gold Trust , the world’s largest gold-backed exchange-traded fund, fell to 1,027.61 tons on Thursday.

In other precious metals, silver edged down 0.2% and was down about 1.5% for the week. Platinum fell 0.6% and palladium was flat at $2,649.71.

On the technical front Gold , RSI Stood at 44.399, the current price is trading  Below All  the Moving Averages  . So, a  Sell trade can be executed with the following target and stop-loss:

TRADE SIGNAL- Gold– SELL: 1800.50, TARGET:-1750.50, STOP LOSS:- 1825.50.