Gold price analysis September 4
☘️Fundamental Analysis
Gold prices bounced from multi-day lows but remained below the $2,500 mark amid renewed buying in the US Dollar (USD) on Wednesday. However, ongoing geopolitical risks and the Federal Reserve’s (Fed) impending rate cut could support the yellow metal in the near term. Later on Wednesday, JOLTS Job Openings and the Fed Beige Book will be released. Investors will be closely watching Friday’s highly anticipated US Non-Farm Payrolls (NFP) for August, which could determine the size and pace of a potential rate cut at the Federal Reserve’s September policy meeting. If the report shows a weaker-than-expected reading, it could fuel speculation of a US recession and a faster rate cut by the Fed. This in turn could boost the precious metal further as lower interest rates reduce the opportunity cost of holding non-yielding Gold.
☘️Technical Analysis
At the end of the trading session, gold was booked by investors as it was pushed up from the beginning of the session, causing gold to fall from 2497 to 2487. The 2485 price zone became an important zone when the European session jumped in. The price is approaching this zone for those who can execute the BUY scalp signal. This week's trend will continue to decrease in price until the Nonfarm data is released to shape the current gold trend. A deep pullback to the lows is seen as an opportunity to buy long term when interest rates fall. Today, pay attention to the 2461 and 2472 zones for a BUY strategy.
Resistance: 2505 - 2509 - 2515 - 2524 - 2535
Support: 2491 - 2485 - 2472 - 2461 - 2454 - 2440
SELL price zone 2513 - 2515 stoploss 2518
SELL price zone 2505 - 2507 stoploss 2511
BUY price zone 2474 - 2472 stoploss 2469
BUY price zone 2460 - 2462 stoploss 2456
Gold prices bounced from multi-day lows but remained below the $2,500 mark amid renewed buying in the US Dollar (USD) on Wednesday. However, ongoing geopolitical risks and the Federal Reserve’s (Fed) impending rate cut could support the yellow metal in the near term. Later on Wednesday, JOLTS Job Openings and the Fed Beige Book will be released. Investors will be closely watching Friday’s highly anticipated US Non-Farm Payrolls (NFP) for August, which could determine the size and pace of a potential rate cut at the Federal Reserve’s September policy meeting. If the report shows a weaker-than-expected reading, it could fuel speculation of a US recession and a faster rate cut by the Fed. This in turn could boost the precious metal further as lower interest rates reduce the opportunity cost of holding non-yielding Gold.
☘️Technical Analysis
At the end of the trading session, gold was booked by investors as it was pushed up from the beginning of the session, causing gold to fall from 2497 to 2487. The 2485 price zone became an important zone when the European session jumped in. The price is approaching this zone for those who can execute the BUY scalp signal. This week's trend will continue to decrease in price until the Nonfarm data is released to shape the current gold trend. A deep pullback to the lows is seen as an opportunity to buy long term when interest rates fall. Today, pay attention to the 2461 and 2472 zones for a BUY strategy.
Resistance: 2505 - 2509 - 2515 - 2524 - 2535
Support: 2491 - 2485 - 2472 - 2461 - 2454 - 2440
SELL price zone 2513 - 2515 stoploss 2518
SELL price zone 2505 - 2507 stoploss 2511
BUY price zone 2474 - 2472 stoploss 2469
BUY price zone 2460 - 2462 stoploss 2456
Nota
+ 150 pips for plan BUY 2474Nota
Gold price continues to draw support from bets for a 50 bps Fed rate cut in September.
Falling US bond yields and softer USD also act as a tailwind for the non-yielding metal.
Bulls, however, seem reluctant and await the release of the US NFP report on Friday.
Nota
Nota
Gold price continues to draw support from dovish Fed-inspired USD selling bias.
Worries about a US economic downturn further underpin the safe-haven metal.
Traders turn cautious ahead of the release of the crucial US employment details.
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