8.28 FPG gold trend analysis.

Gold fell to support near 2500 in early trading yesterday and continued to rise, breaking through Friday's high in the morning session and hitting a new second high. Yesterday, Ukraine claimed to have shot down 5 Russian missiles and 60 drones, while the White House said the US could attack Israel at any time. If an attack occurs, the US will defend Israel, and the escalation of safe-haven sentiment, plus the support of rate cuts indicated by the minutes of the discount rate meeting of the Fed of Chicago and the New York Fed directors last night. According to CME data this morning, the market's expectation for the Fed's rate decision on September 18 is 67.5% for a 25 basis point cut, and 32.5% for an urgent 50 basis point cut. The US dollar index also fell back to its lowest level of the year. The US dollar's decline continues to push up the price of gold.

On the technical front, the support level of 2500 for gold remains evident. In the short term, the support continues to follow the lower channel of the rising trendline, and the current gold price is still oscillating upward within the rising channel. The historical second highest point was already refreshed this morning, getting closer to the previous high. Be cautious of top reversal and pay close attention to the support of the trendline below and the resistance near 2530 on the upper side.

The first resistance is at 2528, the second resistance is at 2530, and the third resistance is at 2531.

The first support is at 2520, the second support is at 2510, and the third support is at 2505.

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