Gold Soars on Weaker US Jobs Report, Breaches Key Resistance
Gold futures rose sharply on August 7, 2026, after a weaker-than-expected US Non-Farm Payrolls report led to diminished expectations of a hawkish Federal Reserve stance.
The gold contract (GCZ6) increased by 2.33% to trade at $4,399 per ounce, as investors sought refuge in the precious metal amid geopolitical uncertainty and a depreciating US dollar index.
A sharp downside surprise in the NFP data, which contracted by 23,000 in July compared to the consensus expectation of 80,000 new jobs, led to a decline in implied market probability of a 25-basis-point interest rate increase from 54% to approximately 44%, according to the CME FedWatch Tool.
Techincally, gold futures have maintained a long-term bullish trajectory and broken through a downward trendline on daily timeframes, indicating a potential continuation of the recovery. Key resistance levels lie at $4,500 and $4,870, while immediate support is located at $4,000 and $3,700.