9.9 FPG gold price trend analysis

XAUUSD H4

On Friday, the last non-farm data and unemployment rate before the Fed's September interest rate decision were released. The non-farm data recorded an increase of 14.2 million people, which is slightly higher than the previous value, but still lower than the expected 0.16 million people. However, the unemployment rate decreased from 4.3% last month to 4.2%, the first decline in the past five months, which improved market concerns about a recession in the United States. According to CME's morning data, market expectations for a 50 basis point interest rate cut in the Fed's decision after 9 days have dropped from 44% to 29%. After the data release, Fed officials stated that the interest rate should be reduced, but did not indicate the speed of the reduction. At present, a 25 basis point or 50 basis point interest rate cut is still unknown. The US dollar index also fell and then rose after the data was released, touching near the year's low of 100.5 and then quickly rising, closing at around 101.2. CPI, PPI, and the interest rate decision of the European Central Bank will be announced this Wednesday and Thursday, which will have a major impact on the market in the short term.

In terms of technical analysis, gold fell and then rose last night based on the US dollar index, reversing the previous trend of rising and then falling. It fell back after reaching the resistance level near the high point of 2530 mentioned earlier, which is consistent with the previous analysis. After falling to a low of 2485, it closed back below 2500. Currently, gold is still fluctuating within the mentioned range and the price is back in the lower half of the range. Pay attention to the support and resistance levels within the range.

The first resistance level is 2500, the second resistance level is 2510, and the third resistance level is 2520.

The first support level is 2490, the second support level is 2485, and the third support level is 2480.

# 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. #