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XAUUSD (GOLD) ANALYSIS 02 AUGUST 2022 TUESDAY

XAUUSD (GOLD) ANALYSIS 02 AUGUST 2022 TUESDAY

Trading range of XAUUSD (GOLD) for today is 1770-1781. Key support zone for today lies in the range of 1765-1767 while on the upside if Gold goes above 1781 and then sustains above that level, it can give good opportunity to buy with a target of 1790. Gold prices are up for today as signs of weakening economic activity across the globe drove demand for the safe haven commodity. Weak U.S. GDP data had triggered safe haven buying into gold last week, with a surprise contraction in Chinese factory activity furthering the case for the precious metal on Monday. Going forward, investors’ entire focus will remain on the mega event of the US Nonfarm Payrolls (NFP), which is due on Friday. As per the market consensus, the US economy has generated 250k jobs in July lower than June’s print of 372k.  Key events to look for today are U.S. JOLTS Job opening data and U.S. FOMC member Bullard speaks.

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