Gold Market Analysis:
Yesterday was Labor Day in the US, and the market was highly volatile. We immediately placed a buy order at 3458 in the Asian session and took a profit. Today’s strategy is undoubtedly to continue buying low and bullish. Pullbacks are buying opportunities. The daily chart is incredibly aggressive, having already broken through the previous major top and hitting a new high of 3500 this morning. This is all driven by the previous daily swings. This wave of upward movement will already be significant. We don’t speculate on the next top or reversal. We need to prioritize buying low on pullbacks. The daily chart has risen for nine consecutive trading days, with five consecutive days of positive closes. The buying trend is undeniable. Hourly support has reached 3480, and hourly support is also around 3466. This level will be the new support level today. We anticipate further upward movement in the European and American sessions after the Asian session corrects. We need to find the low point for this correction, starting with 3480. We don’t anticipate a major correction after the Asian session’s rise and fall. We anticipate even stronger performance in the European and American sessions today. If it unexpectedly breaks 3466, it could signal weakness. A break of 3436 would almost certainly confirm a new minor top.
Support is at 3466 and 3480, while resistance is at 3508. 3480 is the dividing line between strength and weakness.
Fundamental Analysis:
Yesterday was Labor Day, and Americans were absent from the market. This week is a data week, with ADP and non-farm payroll data to be released.
Trading Recommendations:
Gold – Buy near 3480, target 3509-3520
