Gold Supported Prior To NFP

Analyst, Full-Time Trader • Aug 6, 2021 at 8:08 AM EDT

Gold made a small breakout yesterday, but it is supported prior to the NFP. We might see a move up before the NFP.

The main even the Non Farm Payrolls will determine the move in gold. However, we might expect a small move to the upside prior to the news. After the NFP, we could see the following scenarios:

Move up from the 1799 zone towards 1812 and if it breaks 1830.
1830 holds and we have a sell trade there
1830 breaks and 1855 is next
1795 breaks and the price goes lower to 1786
1786 breaks and 1765 is retested.

Watch for the full NPF report and trade GOLD.

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