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XAUUSD (GOLD) ANALYSIS 01 AUGUST 2022 MONDAY

XAUUSD (GOLD) ANALYSIS 01 AUGUST 2022 MONDAY

Trading range of XAUUSD (Gold) for today is 1758-1767. If XAUUSD goes above 1767 and sustains above that level then major resistance will be around 1773 then 1785 while on the downside, if XAUUSD goes below 1756 then next support is in the range of 1750-1752. On the assumption that US Nonfarm Payrolls (NFP) would be disappointing this week, gold prices are expected to remain optimistic. According to the market consensus, the US economy has created 250K new employment since the last release of 372K. The economic data is predicted to perform poorly because, as several US tech giants reported in their second-quarter results commentary, they have stopped hiring. Key data to look for today are U.S.A. ISM Manufacturing PMI and RBA rate statement from Reserve Bank of Australia.

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