Gold Technical Analysis
Daily chart resistance: 3700, support: 3539
Four-hour chart resistance: 3660, support: 3612
One-hour chart resistance: 3660, support: 3630
Spot gold is trading around $3655/oz. Weak US labor market data reinforced expectations of a Federal Reserve rate cut next week, pushing gold prices to a new all-time high of $3646 on Monday. In the short term, gold prices are expected to continue their upward trend to around $3700-3730. The weak US NFP report triggered a continued decline in the US dollar. Market pricing remains strong, with a 92% probability of a September rate cut by the Federal Reserve, and three rate cuts this year. Gold’s long-term bullish structure remains intact.
Gold Trading Recommendations: Based on current market analysis, support is focused on the one-hour level at 3630 and the four-hour level at 3612. Maximum support for a pullback is near 3612 in the four-hour level (watch for closing prices). Upward pressure is expected to focus on potential resistance in the 3660-3700 range. The short-term bull-bear divide is near 3630. If the one-hour level stabilizes above this level, continue to buy on dips.
BUY: 3630near
BUY: 3612near
BUY: 3637near
