Elev8 Sees Downside for Gold and Bitcoin Ahead of NFP Report

The non-farm payrolls (NFP) report for July is set to be released on Friday, August 8th. This report comes at a critical moment in the market as investors await clarity on interest rates from the Federal Reserve.

Last month's FOMC meeting saw a 9-3 vote to keep the target range at 3.50%-3.75%, with three policymakers dissenting in favor of a quarter-point increase. Cleveland's Beth Hammack, Minneapolis's Neel Kashkari, and Dallas's Lorie Logan dissented from the majority view.

Kar Yong Ang, a financial market expert at Elev8, expressed his bearish bias on gold and Bitcoin. He stated that 'markets are likely to get less official clarity on future rate decisions' under Chair Kevin Warsh's leadership, implying that traders should expect increased volatility around key economic releases.

Elev8 expects the NFP report to have a significant impact on interest rates, with Kar Yong Ang noting that even if the print comes in line with market consensus, it would 'almost guarantee a rate increase in September.' The company is watching for levels of 4,190-4,220 on gold (XAUUSD) and 66,600-67,300 on Bitcoin (BTCUSD).

Market pricing currently indicates a high probability of a September rate hike, but economist forecasts diverge sharply. FactSet's consensus still expects no rate increases in 2026.