9.10 FPG gold trend analysis

XAUUSD H4

In the past week, in the economic data announced by the USA, manufacturing PMI and ADP non-farm payrolls showed weakness, while NFP non-farm payrolls showed the largest employment growth in the recent period, and the unemployment rate also saw the largest decline in the recent period. This result provided conditions for interest rate cuts, while also not exacerbating market concerns about economic recession. Currently, there is still uncertainty in the market about the specific interest rate cut magnitude eight days before the countdown to the interest rate decision. Ten days before the interest rate decision is the period of silence for Federal Reserve officials, which means that the recent trend will fluctuate based on subsequent economic data and market sentiment. In the coming days, the USA will also release the Consumer Price Index CPI on Wednesday and the Producer Price Index PPI on Thursday. The entire interest rate hike cycle started due to the rise in the price index, with last month's CPI inflation falling below 3%, the lowest since April 2021, and the current market expectation for Wednesday's CPI is 2.6%. For gold, as the most sensitive product, there will be significant short-term volatility.

Technically, gold is still fluctuating within the large range mentioned earlier, with both long and short sides feeling anxious around the 2500-2508 pivotal point. Yesterday's attempt at a downward move was supported near the Friday low of 2485, so continue to monitor the range oscillation defined by the support and resistance levels.

Upper first resistance at 2510, second resistance at 2520, third resistance at 2530.

The lower support is at 2500, the second support is at 2490, the third support is at 2485.

# This advice is only general advice and does not take into account your specific financial situation and needs. Investment involves risk, so please evaluate it carefully. #