Gold Price Analysis: Gold motors on past $2060 per troy ounce ahead of tomorrow's NFP data

As the market gears up for the latest non-farm payroll (NFP) report gold has hit another all-time high on Thursday. It was another session where the g  |  06/08/2020 21:31
  • Gold is trading another 1.16% higher as the bulls keep their foot on the gas.
  • Every session seems to bring a new all-time high. 

Gold daily chart

As the market gears up for the latest non-farm payroll (NFP) report gold has hit another all-time high on Thursday. It was another session where the greenback looked like it could start to recover as the market (DXY) was 0.33% higher at one point. At about 3.30 pm London time normal service was resumed and the dollar index now trades just under flat. Ever since the coronavirus broke out and the US Federal Reserve announced their latest quantitative easing package it seems inevitable that the precious metal was going to push higher. 

The extension came after the US failed to get to grips with the COVID-19 pandemic and the lockdown failed to stop the spread of the virus. Now all hope seems to be resting on a vaccine that US President Trump seems to think will be available around November 3rd. Surprisingly coincidental that that is the date of the 2020 US Presidential Election. Tomorrow's NFP data could go either way and at the moment the aggregate analyst forecast stands at 1,580 million with the last reading at 4,767 million. This consensus is subject to change so keep an eye on the forecasts before the event.

It is hard to analyse a chart when the price looks like a rocket exiting the atmosphere. If there is to be some kind of sell-off then the previous all-time high of USD 1920.94 per troy ounce. Before that, the psychological USD 2K per ounce level could also come into play. Today gold maybe up another 1.16% but the younger brother may be stealing the headlines as silver pushed 6.79% higher.

It is very hard to predict when this bull run may end but it could coincide with the vaccine news and the full reopening of the worlds largest economy (US). When the world's central banks announce they are ready to scale back on their ultra-loose monetary policy may also slow down the meteoric price rise too. But all this does not seem to be happening any time soon, so onward an upwards.

Gold Price Chart

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