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Gold sell-off picks up momentum

Gold has been dropping towards $1,810.10 on Monday and could test the key support line at $1,807.50/$1,808. If the bears succeed, the psychologically important $1,800 mark could become the new downside target.

An easing of pandemic-induced tensions is currently putting downward pressure on gold. And while the emotional rollercoaster goes on, volatility in gold remains high.

A slew of key macro releases are due out in the US this week, including the July non-farm payrolls report. Following comments from Fed Chairman Jerome Powell last week that the employment sector still had some ground to cover before there is any real improvement, this data point will be closely watched. A strong reading would support the dollar and put pressure on gold. According to the July baseline forecast, the US economy is expected to add 900k jobs – a jackpot figure.

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