Gold Price Forecast: Keep Eyes on $1,707 and $1,692

Gold (Yellow Metal) exposed to additional downside risks: “The critical ADP Employment Change report will be published after a two-month break, potentially driving the next leg higher in the buck. An upside surprise in the ADP numbers cannot be ruled out, given the lower estimates at +200K in August. Gold’s next price direction remains south against a backdrop of higher rates and upbeat US data.”  

“Sellers need a sustained move below monthly lows of $1,717 on their way towards the July 27 low of $1,711. The next significant downside target is seen at the $1707 and $1,692 level.”

“Any recovery attempts will meet initial resistance at the $1,740 round figure. Bulls must find a firm foothold above the rising trendline support turned resistance at $1,750.”

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