Gold Technical Analysis - $1839.00 Next Trigger Point for Acceleration to Upside

An Experiment to Test Digital Currencies

Gold last traded at $1,797 an ounce. Silver at $24.37 an ounce.

NEWS SUMMARY: Precious metal prices fell Tuesday on a normal corrective pullback and firmer dollar. U.S. stocks traded lower on investor concerns over the delta variant's impact on the economic reopening.

FX Empire--"Gold futures closed higher on Friday, surging more than 1% to its highest level since July 29, as slower-than-expected U.S. jobs growth in August drove the U.S. Dollar lower, casting doubts on the Federal Reserve's tapering timeline.

Gains may have been capped by a rise in Treasury yields. That move was fueled by a surprise jump in Average Hourly Earnings, which fanned the flames of inflation. The Unemployment Rate fell to 5.2% as expected.

On Friday, December Comex gold futures settled at $1833.70, up $22.20 or +1.23%.

The price action on Friday suggests that traders are lifting short trades placed in anticipation of a September tapering by the Fed. The big question is whether speculative buyers have enough confidence to drive prices higher....

A sustained move over $1828.00 will indicate the presence of buyers. Taking out the two main tops at $1837.50 and $1839.00 will indicate the buying is getting stronger. This could trigger an acceleration to the upside with the next major target the June 8 main top at $1919.10."