Gold (XAU/USD) Morning Brief: August 10, 2026

Gold (XAU/USD) trades near $4,348 per ounce, carrying strong momentum after completing its best weekly performance since January 2026. Spot prices surged +2.4% during Friday's session, establishing a solid demand floor around $4,240 and pressing directly toward initial technical resistance near $4,360. This rally coincided with a sharp expansion in derivatives participation. Daily volume on Binance surpassed $2.5 billion, marking one of the platform's highest readings in four months, as open interest on Hyperliquid simultaneously reached a new record high.

The primary catalyst driving capital into bullion stems from a sharp contraction in US employment metrics. July Non-Farm Payrolls unexpectedly dropped by 23,000 jobs, missing consensus estimates for an 85,000 job expansion, as downward revisions to May and June figures removed a combined 103,000 jobs.

Alongside macro headwinds, official sector accumulation continues to anchor structural support. World Gold Council data confirms global central banks bought 345 tonnes year-to-date, with second-quarter purchases climbing +407% quarter-over-quarter and 62 tonnes year-over-year. Additionally, total gold ETF inventories expanded by 24 tonnes since July 20.

Current intermarket relationships indicate the metal retains room for further upside as traders price in broader economic slowing. A persistent divergence relative to copper continues to act as a leading bullish signal, suggesting that the rally in gold remains intact. Substantial institutional buying and expanding derivatives liquidity beneath current levels provide a durable cushion against potential corrective pullbacks.

Market Overview: The path of least resistance favors a bullish test of the overhead technical barriers, with price action expected to trade between $4,300 and $4,360. A decisive break above $4,360 would be required to unlock short-covering momentum toward $4,420. On the downside, holding above $4,300 remains crucial to preserving the recent breakout base. A break below $4,300 could trigger profit-taking toward secondary support at $4,240. As long as Gold (XAU/USD) holds above these support levels, the broader bullish bias remains intact, leaving room for further upside.