Gold Comex October future slipped $60 from its record high of $2078/ounce to settled with a loss of 2% last Friday due to long liquidation triggered by the rebound in the U.S. Dollar and better than excepted U.S. July Non-farm payroll number.

In Domestic bourses, gold fell Rs969(1.75%) and, Silver slipped Rs1569(2.06%) after hitting a record high of Rs56191/grams and Rs77949/kg respectively in near month futures on Friday, following the trend of international markets. As long as prices are not revising above records highs, odds for short-term corrective waive remain firm before prices find any supports.

U.S. July nonfarm payrolls rose 1.763 million, better than expectations of +1.480 million. Also, the July unemployment rate fell 0.9 to 10.2%, showing a better labor market than expectations of 10.6%. Other global economic data was also bearish for gold. China July exports unexpectedly rose +7.2% y/y, a stronger than expectations of -0.6% y/y and the biggest increase in 7 months. German June industrial production rose +8.9% m/m,  stronger than expectations of +8.2% m/m, and the largest increase since the data began in 1991. 

Nonetheless, gold is still getting safe-haven support from the surging case of Corona Virus globally, low global bond yields, and dovish central bank expectations, which will limit the downside. 

Long positions in Gold-ETF rose to a new record high of 3,388.41 metric tons on Thursday and, long positions in Silver-ETF also rose to a new record high of 879.358 million troy ounces.

Gold Comex October supports are 2015/1975 and resistances are 2050/2078.