9.4 FPG gold trend analysis

XAUUSD H4

Yesterday, the s&p global manufacturing PMI and ISM manufacturing PMI for August were released in the United States. Because manufacturing accounts for a large proportion of the USA GDP and directly reflects the overall economic situation, these two indicators were both below the 50 boom-bust line when released, indicating that the manufacturing sector is basically at a standstill, increasing the drag on the USA economy. According to CME data after the announcement, the market's expectation of the Fed's 50BP rate cut in September rose from 31% yesterday afternoon to 38% this morning. Before the PMI data was released, the gold price dropped by 12 dollars in the short term, and then continued to break through the lowest point to reach 2473 after the data announcement, finally closing above 2490. The next two days will see the release of the non-farm employment data, which will have a significant impact on the gold trend in the short term. When the non-farm data was released last month, gold had a nearly $100 price fluctuation.

From a technical perspective, gold has broken through the previous range of fluctuations, reaching a new low point in the past eight trading days. It has now declined for three consecutive trading days, but the daily level is all long lower shadow, meaning the bulls are still holding firm. The market is waiting for the arrival of the non-farm data. Before the data is released, pay attention to the 2473 support and 2508 resistance of the previous day's high and low points.

The upper first-line resistance is 2495, the second-line resistance is 2500, the third-line resistance is 2508.

The lower first-line support is 2490, the second-line support is 2485, the third-line support is 2475.

# This recommendation is general in nature and does not take into account your specific financial situation and needs. Investment involves risks, so please evaluate carefully. #