Gold News Analysis:

On Monday (September 2nd), spot gold hovered near the 2500 mark in early Asian trading, currently trading around $2503.77 per ounce. Gold prices fell 1% on Friday as the dollar and U.S. Treasury yields strengthened after U.S. inflation data met expectations. Gold prices once fell to $2494.12 per ounce during the session, but due to the possibility of a Fed rate cut in September, gold still recorded a monthly gain, closing at $2403.29 per ounce.

The PCE data released by the U.S. Department of Commerce on Friday (August 30th) showed an annual increase of 2.5%, slightly lower than expected. U.S. consumer spending grew steadily in July, indicating that the economy remained on a relatively solid foundation at the beginning of the third quarter. This does not support the expectation of a 50 basis point rate cut by the Federal Reserve next month.

The U.S. dollar index rose 0.34% on Friday, rising for three consecutive trading days, closing at 101.72, the highest closing price since August 20th. Data showed that a key U.S. inflation indicator met expectations, while personal spending and personal income increased, supporting the expectation that the Fed may cut interest rates by 25 basis points instead of 50 basis points next month.

This week, we need to pay attention to the U.S. non-farm payrolls report released on Friday, and continue to pay attention to relevant news about the geopolitical situation.

Gold Technical Analysis:

From the weekly chart of spot gold, due to the ideal decline in the inflation indicator released last week, gold prices once again hit a record high. The market is currently waiting for the final decision on employment data and Fed policy, which has led to some limitations on the upside space. The short-term moving average group continues to maintain a bullish arrangement, and it is not far from the current price position, so the downside in the future may be limited. At the beginning of the week, we will first observe the 2500-2540 range.

From the daily chart of spot gold, after the rapid decline from the high level on Friday night, the gold price has temporarily retreated to a little above the 2500 line, which means that the difficulty of hitting a record high again in the short term has increased. However, the bulls still occupy the absolute advantage. The short-term moving average group currently has signs of turning, so the market may further test the support of MA20. In addition, the dead cross of the MACD indicator also needs attention. In terms of operation, it is still recommended to mainly buy on dips.

Overall, today's short-term operation ideas for gold are recommended to mainly buy on dips and supplement with short positions on rallies. The key resistance level to focus on in the short term is 2528-2540, and the key support level to focus on in the short term is 2503-2510.

Gold resistance levels: 2530, 2535, 2540, 2550

Gold support levels: 2520, 2515, 2510, 2500

Disclaimer: None of the information contained here constitutes an offer (or solicitation of an offer) to buy or sell any currency, product or financial instrument, to make any investment, or to participate in any particular trading strategy.