{"id":435975,"date":"2026-08-11T14:11:30","date_gmt":"2026-08-11T07:11:30","guid":{"rendered":"https:\/\/www.swingfish.trade\/blog\/market-news\/gold-extends-the-rally-after-the-soft-nfp-but-the-us-cpi-could-wipe-out-all-the-gains-435975\/"},"modified":"2026-08-11T14:11:30","modified_gmt":"2026-08-11T07:11:30","slug":"gold-extends-the-rally-after-the-soft-nfp-but-the-us-cpi-could-wipe-out-all-the-gains","status":"publish","type":"post","link":"https:\/\/www.swingfish.trade\/blog\/market-news\/gold-extends-the-rally-after-the-soft-nfp-but-the-us-cpi-could-wipe-out-all-the-gains-435975\/","title":{"rendered":"Gold extends the rally after the soft NFP, but the US CPI could wipe out all the gains"},"content":{"rendered":"
\n

FUNDAMENTAL
\n OVERVIEW<\/p>\n

\u00a0<\/p>\n

Gold extended into new highs yesterday as a soft NFP report on Friday led
\n to a dovish repricing in Fed interest rate expectations.\u00a0 <\/p>\n

Overall, the data wasn\u2019t as bad as the headline number suggested. The
\n significant loss of government jobs made the report look much softer than it
\n actually was. In fact, the unemployment rate painted a different picture,
\n falling further to 4.1%. The labour market remains on a better trajectory than
\n it has been over the past three years.<\/p>\n

Today, the price action might be mostly rangebound or we could see some
\n hedging into the US CPI tomorrow that could result in some weakness. The data
\n will be critical for the September FOMC decision and the Jackson Hole
\n Symposium. <\/p>\n

A hot report will likely trigger a selloff in gold, with traders increasing
\n rate hike bets. A soft report, on the other hand, should reduce further the
\n risk of Fed tightening and give gold another boost to extend the rally into new
\n highs.<\/p>\n

\u00a0<\/p>\n

GOLD TECHNICAL ANALYSIS \u2013 DAILY TIMEFRAME<\/p>\n<\/p>\n

On the daily chart, we can
\n see that gold has almost reached the major trendline around the 4,500 level.
\n That\u2019s where we can expect the sellers to step in with a defined risk above the
\n trendline to position for a drop into the 3,885 level. The buyers, on the other
\n hand, will want to see the price breaking higher to increase the bullish bets
\n into the 4,800 level next.<\/p>\n

GOLD
\n TECHNICAL ANALYSIS \u2013 4 HOUR TIMEFRAME<\/p>\n<\/p>\n

On the 4 hour chart, we have
\n a minor upward trendline defining the bullish structure. The buyers will likely
\n lean on the trendline with a defined risk below it to keep pushing into new
\n highs. The sellers, on the other hand, will look for a break to pile in for a
\n drop into the 4,200 support next.<\/p>\n

GOLD TECHNICAL ANALYSIS \u2013 1
\n HOUR TIMEFRAME<\/p>\n

\n

On the 1 hour chart, there\u2019s
\n not much we can add here as the buyers will have a better risk to reward setup
\n around the minor trendline, while the sellers will need to wait for either a
\n break below the minor trendline or a rally into the major one. The red lines
\n define the average daily range<\/a> for today.<\/p>\n

UPCOMING CATALYSTS<\/p>\n

Tomorrow<\/a>, we have the US
\n CPI report. On Thursday, we get the US PPI data and the latest US Jobless
\n Claims figures. On Friday, we conclude the week with the US Retail Sales and
\n the University of Michigan Consumer Sentiment report.<\/p>\n

This article was written by Giuseppe Dellamotta at investinglive.com.<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

FUNDAMENTAL OVERVIEW \u00a0 Gold extended into new highs yesterday as a soft NFP report on Friday led to a dovish repricing in Fed interest rate expectations.\u00a0 Overall, the data wasn\u2019t as bad…<\/p>\n","protected":false},"author":216,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[86],"tags":[],"class_list":["post-435975","post","type-post","status-publish","format-standard","hentry","category-market-news"],"_links":{"self":[{"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/posts\/435975","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/users\/216"}],"replies":[{"embeddable":true,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/comments?post=435975"}],"version-history":[{"count":0,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/posts\/435975\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/media?parent=435975"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/categories?post=435975"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/tags?post=435975"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}