Weekly Overview: XAUUSD, #SP500, #BRENT | 07 August 2026
XAUUSD: BUY 4060.00, SL 4020.00, TP 4160.00
Gold begins the week with moderate support as a weaker US dollar and a sharp decline in oil prices ease concerns about renewed inflationary pressure. However, the Federal Reserve’s decision to keep interest rates unchanged, alongside support from some policymakers for a rate increase, is keeping US Treasury yields elevated and limiting demand for the metal.
The main test will come from the US labor market data. Weak figures could reduce expectations of a rate increase and strengthen interest in XAUUSD, while a strong report may restore pressure. If the US dollar remains subdued and oil market conditions stay stable, the base-case scenario allows for further gains in gold.
Trading idea: BUY 4060.00, SL 4020.00, TP 4160.00
