The price of gold has currently been around $1,820 per ounce, equivalent to $2,200 per tael. Analysis by Cheng Daravuth, business manager at Golden FX Link Capital, suggests that the price of gold could fall to $1,777 per ounce in the next week.

This comes on the back of positive expectations that the monthly employment rate in the US is set to improve, boosting the economy and the value of the American dollar.

According to a CNBC press release last Monday, while some 10 million Americans are currently jobless, President Joe Biden remains optimistic that the employment rate will rise.

Biden expects his $1.9 trillion economic stimulus package plan to help people and businesses affected by the Covid-19 pandemic and create jobs.

US Treasury Secretary Janet Yellen is also optimistic that the US could return to full employment in 2022 if the economic stimulus package is approved, according to the same CNBC article. Investors are starting to trust that the package will be passed as planned under Biden’s leadership.

Despite fears surrounding the spread of new Covid variants, with a vaccine campaign fully supported by the US government and efficient production, the outlook remains positive.

For this week’s trading, Daravuth recommends selling gold at $1,830 per ounce, setting the take-profit function at $1,800 per ounce and the stop-loss function at $1,850 per ounce.

Traders can wait and buy gold when the price falls to $1,777 per ounce as it can return to $1,800 per ounce, according to his technical analysis on the gold trend.