On Aug 6th 2021, the gold price fell sharply during New York trading time.
Why was that?
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This pattern is not new, to be honest. Hence, by having the right knowledge, we can potentially take advantage of this situation.
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Coming back to the news, recently non-farm payroll (NFP) news was out which reports the number of newly created jobs.
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Typically, the analysts will predict the number of newly created jobs based on the current economic situation. This time they predicted 870,000 new jobs.
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Then, they will compare their predictions with the real reported data. Based on July 2021 reported data, a total of 943,000 new jobs were created with an unemployment rate of 5.4% (the lowest since March 2021).
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When the real data exceeds predicted data, this indicates that the US economy is strong.
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In other words, US Dollar becomes strong. Following this, big investors usually sell their gold to buy more USD related investment products.
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This made the price drop by 2.06% (USD41/oz), as can be seen in the picture above (yellow line).
For a gold saver like me, this is indeed 𝗴𝗼𝗼𝗱 𝗻𝗲𝘄𝘀!
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Because I get to buy an 𝗲𝘅𝗽𝗲𝗻𝘀𝗶𝘃𝗲 𝗮𝘀𝘀𝗲𝘁 𝗮𝘁 𝗮 𝗰𝗵𝗲𝗮𝗽𝗲𝗿 𝗽𝗿𝗶𝗰𝗲.. 
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Based on this, do you think it’s a good time to buy gold?
The answer is 𝗬𝗘𝗦!
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Are you ready to start your gold savings program at a low amount of RM100?
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Hope this helps!