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macroAug 7, 2026, 6:56 AM

Gold holds breakout gains ahead of US payrolls, OCBC says

Gold has retained most of its recent gains after breaking key resistance, according to OCBC analysts. Support came from lower oil prices, softer bond yields, and continued central bank and ETF buying.

XAUUSD

Gold has retained most of its recent gains after breaking through a key resistance level, according to analysts at OCBC.

Strategists Sim Moh Siong and Christopher Wong highlighted that the precious metal was supported by a combination of lower oil prices, softer bond yields, and sustained buying from central banks and exchange-traded funds. Technical factors also contributed to the positive backdrop.

The outlook now hinges on the upcoming US nonfarm payrolls report.

Source: FXStreet Forex News