Gold () remains on the bullish path, sustaining the upward trend that started last week. It is testing resistance at 3475.00, renewing the highest peaks since April 22.
And why is that? Simple: investors are focused on the almost explicit possibility that the Fed will cut interest rates at the September 17 meeting. Jerome hinted at this intention at the Jackson Hole symposium. But behind the scenes, political pressure from the White House remains strong, and Trump, true to his explosive style, did not spare criticism of Powell and even dismissed Lisa Cook, a Fed board member, amid controversies of fraud and a legal case. A soap opera scene.
Today, the market is rather quiet because it is Labor Day in the US, but traders are still digesting the July expenditure data, which came slightly above expectations in the annual core figure (2.9% versus 2.8%), keeping inflationary pressure on the Fed’s radar.
On Friday, heavy data is coming: . Consensus points to a slight increase in unemployment (4.3% versus 4.2% in July), wages at a 0.3% pace, and the creation of 78,000 jobs, surpassing the previous 73,000. This report could be a watershed moment for next week.
Resistances: 3500.00 | 3525.00 | 3550.00 | 3575.00
Supports: 3451.01 | 3412.03 | 3374.91 | 3350.00
Trading scenarios
- Long: If it breaks 3500.00 upwards with a target at 3550.00. Stop Loss at 3475.00. Timeframe: 1 to 2 days.
- Short: If it hits 3500.00 and respects it as resistance, breaking 3451.01 downwards with a target at 3374.91. Stop Loss at 3500.00.
