Spot gold fluctuated in a narrow range in Asian trading on Friday (September 6), currently trading around 2520, holding on to most of its overnight gains. Gold prices rose to a near one-week high on Thursday as the dollar weakened and yields fell. Earlier signs of a loss of momentum in the labor market led investors to expect the Federal Reserve to make a super-large interest rate cut this month. According to a Reuters survey, job growth is expected to pick up in August, with non-farm payrolls expected to increase by 160,000 jobs that month, exceeding the 114,000 increase in July. The unemployment rate is expected to fall to 4.2% in August.
Gold broke the deadlock of the first three days of this week during the day. As the US dollar index fell, gold chose to break upward. After a narrow range of fluctuations around 2495 in the early trading, it began to attack around the European trading session, breaking through the key suppression level of 2500, and breaking through the 2507 high that was broken in the previous few days. The US market accelerated to 2523 with the stimulation of ADP data, and finally fell back in the short term, with the daily line closing with a large positive column.
So far this week, gold has tested the bottom support of 2470 twice. It can be seen that although it reached around 2470 twice, the real K-line basically closed above 2480, which is enough to prove that the bullish buying on dips in gold is still very strong. It is expected that before the arrival of non-agricultural and interest rate cuts, gold will continue to fluctuate at a high level. In terms of intraday operations, it is still sufficient to maintain range operations.
Intraday short-term operation strategy:
Short gold rebounds at 2525, defend 2532, target 2510-2500