Gold News Analysis:

In early Asian trading on Wednesday (September 4th), spot gold fluctuated in a narrow range, currently trading around $2494.08 per ounce. Gold prices hit a more than one-week low of $2473.36 per ounce during the session on Tuesday, pressured by a strong dollar. However, as the US ISM manufacturing PMI data performed poorly, dragging down US Treasury yields, it provided some support for gold prices. In the end, gold prices narrowed their decline to 0.26% at the close, closing at $2492.89 per ounce. The market is waiting for the US non-farm payrolls data to be released this week, which may determine the extent of the Fed's rate cut at its September policy meeting.

The US dollar rose 0.26% during the session on Tuesday, hitting a two-week high of 101.92, making gold more expensive for holders of other currencies.

PMI data released on Tuesday showed that the manufacturing PMI rose to 47.2 in August, higher than 46.8 in July. Although the manufacturing index rebounded from an eight-month low in July, it is still in the doldrums. The PMI has been below the 50 boom-bust line for five consecutive months, indicating a contraction in manufacturing, but the level above 42.5 indicates that the overall economy is still expanding.  

Later this week, the ISM non-manufacturing PMI and the ADP employment report will be released.

Gold Technical Analysis:

From the daily chart of spot gold, affected by the strong US economic data, the gold price unexpectedly fell last night and fell below the key support of 2500, which means that the short-term has temporarily entered a callback rhythm. The moving average group is currently turning downwards, and the MACD indicator is also in a dead cross state, so before the non-farm payrolls data is released this Friday, it is very likely that the trend of shock and decline will continue.

From the 4-hour chart of spot gold, since approaching the historical high again last week, the gold price has been mainly in a volatile rhythm, and yesterday finally failed to hold the previous support and opened up the downward space. The short-term moving average group is currently showing a short arrangement, which will be transformed into a strong resistance in the future, and the MACD indicator has even fallen below the 0 axis, so the operation may temporarily focus on shorting on rallies, but it can be appropriately combined with long positions on dips.

Overall, today's short-term operation ideas for gold are mainly to short on rallies and supplement with long positions on dips. The key resistance level to focus on in the short term is 2495-2505, and the key support level to focus on in the short term is 2480-2470.

Gold resistance levels: 2510, 2515, 2520, 2530

Gold support levels: 2480, 2475, 2470, 2460

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