Price of gold still looking for direction It looks like gold might take another minor dip and retest $1790 but Friday's non farm payroll numbers are due out Friday so that could be the next catalyst for gold. The US dollar has been weaker and 10 year yield is somewhat lower than a few months ago. I think we are setting up for a nice rally in the gold sector this fall that should see gold break $2000 an ounce. I think investors need to see that psychological number be broken again for them to return in force to the gold equities. Fingers crossed it happens this fall.
The non-farm payroll numbers, due on Friday, are the last major jobs report before global central bank officials hold their annual meeting in Jackson Hole in late August. Economists in a Reuters poll forecast a 926,000 job increase.
https://www.kitco.com/news/2021-08-02/PRECIOUS-Gold-slips-on-improving-risk-appetite-U-S-jobs-data-in-focus.html