Gold went from 1686 to 1763-1765 and then to the 1793-1795 because of China US tensions over Taiwan.
Gold was sold off from 1789-1793 to 1765-1767 after last Friday’s good NFP report (Fig. 1)
But, there is news of China Taiwan military exercises on Monday, Aug 8 2022 which is causing gold to make a bounce to 1778-1779 or 1789-1793 zone.
Gold made a correction after the Fed raising rate by 0.75% in July, The correction is around 1000-1100 pips.
The last Friday’s good US NFP report may end gold correction and gold will be sold off heavily if China US tensions over Taiwan goes down.