This is a big week for the US dollar. As usual the US August nonfarm payrolls (NFP) will decide the possibility of a December interest rate hike. Over the past two months gold and silver have always fallen after the release of NFP, only to pare most of their losses the following week. Political news after the release had nullified the effects of NFP. If the trend of the past two months happens over the next seven days then Gold and silver can rise till the NFP and thereafter see a sharp fall and then begin the journey for another short term bull run.
Only two speed breaker I see for gold and silver. First is an NFP August number over 250,000 and with upward revision of previous month numbers.
This post was published at GoldSeek on 28 August 2017.
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