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GOLD overview 02.08.2021

Gold falls on improved risk sentiment.

Gold continues to fall today as an increase in appetite for riskier assets weighed on the safe-haven gold. The sentiment across the global financial markets remains upbeat today with European stocks scaling fresh peaks, driven by deal making activity and strong results from Europe’s biggest bank HSBC. Global risks sentiment is also improving on reports that the vaccines currently employed are largely effective again the Delta variant spreading fast across the European continent – meaning its spread will not have significant effect on the economic growth in the region. This is driving safe-haven outflows from Gold into dollar ahead of the non-farm payroll report due on Friday.

Expect sellers on upward corrections.

Next support to watch – 1793.00

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