Gold prices tend to increase at the beginning of the week

World gold price on August 7 tended to increase with spot gold increasing by 2.3 USD compared to last week's closing level to 1,944.6 USD/ounce.

Last week, gold posted modest gains as the US July jobs report was weaker than expected, including downward revisions in May and June.

Comment:

🟢The yield on the 10-year Treasury was trading over three basis points higher at 4.0986%. It had tumbled by close to 15 basis points on Friday after hitting a high of 4.206%, which was a level last seen in early November.
🟢The 2-year Treasury yield was up by more than five basis points to 4.8436%.
🟢Yields and prices move in opposite directions. One basis point equals 0.01%.

Comment:

The IGCS gauge shows that about 76% of retail traders are net-long gold. Since the vast majority are biased to the upside, this continues to suggest that prices may keep falling down the road.

Comment:

🐾 SELL XAUUSD zone 1950 - 1952

⚠️ Stop Loss : 1957

💲 Take Profit 1: 1947
💲Take Profit 2: 1942
💲 Take Profit 3: 1935

🐾 BUY XAUUSD zone 1926 - 1924 (scalping)

⚠️ Stop Loss : 1919

💲 Take Profit 1: 1931
💲Take Profit 2: 1937
💲 Take Profit 3: 1945

Trade active:

⭐️Plan to BUY Runnings + 40pips 💲💲💲

Trade active:

⭐️Plan to BUY Runnings + 70pips 💲💲💲

Comment:

The Federal Reserve governor, Bowman, believes that the Fed needs to increase interest rates to bring inflation below the target of 2%. Gold prices have been negatively affected by recent increasing tensions between Russia and the UK, as well as the continued rise of the DXY index. Recent economic data from the US has impacted the future expected interest rates of the Fed. A weaker USD may lead to a gold price recovery, but it would require a catalyst such as the important CPI index happening tomorrow evening.

Comment:

Stocks rose Thursday after a key inflation reading showed slightly less year-over-year inflation growth than expected.
🟢The Dow Jones Industrial Average advanced 337 points, or 1%.
🟢The S&P 500 climbed 0.9%, and the Nasdaq Composite rose 1.1%.