The pressure of the dollar on precious metals

Gold OANDA:XAUUSD

DNA_BrianTrading

The market witnessed a continuous decline in the price of gold, primarily driven by the significant influence of positive data released by the US on its labor market, specifically within the private sector.

According to ADP's report, the economy experienced a substantial addition of 324,000 jobs in July. This exceeded economists' expectations who had forecasted an increase of 191,000 jobs.

In light of limited information available to stimulate market growth, the robust recovery observed in the US dollar had an adverse effect on gold prices. This morning saw a surge in the US Dollar Index to 102.7 points - marking a three-week high and highlighting increased volatility for this currency.

Originally posted here: https://ift.tt/owhS6vV

The downtrend hasn't stopped yet

https://ift.tt/selhXdg

The downtrend hasn't stopped yet

GOLD (US$/OZ) TVC:GOLD

Shinobi_Pips

The U.S. Bureau of Labor Statistics will release its July nonfarm payrolls (NFP) report Friday morning. According to Wall Street surveys, U.S. employers hired 200,000 workers last month after adding 209,000 jobs in June. With this result, the jobless rate is seen holding steady at 3.6%, indicating that the labor market remains extremely tight.

Economists have consistently misjudged the resilience of the economy, leading to repeated underestimation of employment gains throughout the past year. Given this pattern and forecast bias, it is not unreasonable to believe that the NFP figures could again surprise to the upside, particularly since initial jobless claims, an indicator of layoffs, have headed lower of late.

The strength or weakness of the upcoming report relative to consensus estimates will be pivotal for the U.S. dollar, gold, and the S&P 500, significantly shaping their near-term trajectory. Therefore, traders should closely monitor the economic calendar in the coming days to adapt their strategies and make more informed investment/trading decisions.

GOLD SELL 1942 - 1940

TP1: 1935
TP2: 1930

SL: 1947