Prices of gold (XAU/USD), fall ahead of Non Farm Payrolls (NFP), Silver Stalls

GOLD PRICES STAY BELOW $1,800 AS NFP NEAR

Prices of gold (XAU/USD), fall ahead of Non Farm Payrolls (NFP), Silver Stalls

Gold prices have continued to decline ahead of today's Non-Farm Payroll report as the Fed continues to track unemployment.

With inflationary figures remaining on the rise, Gold prices have remained relatively unscathed with Silver following suite.

The report will continue to be a leading indicator of tapering by the Federal Reserve as inflationary pressures continue to weigh on the markets.

GOLD TECHNICAL ALYSIS

For a bullish breakout, gold prices must rise above $1,800 in the short-term. If inflation continues to rise and the Delta variant continues spreading concerns about further global lockdowns, this may be possible.

The recent formation of a Death Cross (the 52-day MA falling below 200-Day MA) has been considered a bearish indicator. This puts the 38.2% Fibonacci Retracement in the spotlight as the next level support at $1,785. The RSI is currently at 42 and will likely continue to maintain a neutral stance. This could lead to volatility in Gold prices over the coming weeks as the US continues to consider current economic conditions.

Another key Catalyst for both Gold (XAU/USD) and Silver (XAG/USD) is US treasury Yields which have continued to dwindle in recent times.

SILVER TECHNICAL ALYSIS

The zone of confluency for Silver is currently between $24-$26. Price action is currently just above the psychological threshold of $255. The 61.8% retracement at $24,16 is the next level of support. Resistance remains at the $26 threshold. The RSI, like Gold, is currently in a range with prices below trendline resistance.

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