Aug. 1st gold price trend analysis
International gold price broke support line went downside yesterday, once dropt to 1281USD/oz. after broke 1290 during last night. The mood of bearish market enlarged gold’s decline space, the optimistic expectation about Non-farm Payrolls data also pressed gold, market price rebounded slightly during today’s Asian trading, currently closed at about 1284USD/oz.

Yesterday’s data went smoothly, only initial jobless claims data is still in the annual low, which indicates that job market is getting better. U.S. dollar index keeps strong and stabilized at above 81.40, which put a continuous pressure upon gold. The latest payroll reports also indicates that payroll’s increasing is accelerating, the expectation of a strong inflation is getting bigger, market concerns that Fed’s will bring the increase of interest forward due to the commodity price pressure and that concern led to a gold slump. Currently in gold daily chart, market price broke the 1286 crucial support line and shift the market center to a lower price. Market bearish is strong, trading short positions when price temporarily rebounded.