Gold Holds Below $2,500/ounce

On September 5, 2024, gold (XAU/USD) continues to stay below $2,500/ounce, trading within a narrow range after recovering from a two-week low of $2,472-$2,471/ounce. Gold struggles to break through the $2,500/ounce level as traders await crucial U.S. labor market data.

Key Influences:

• Fed Rate Cut Expectations: Investors anticipate that the Federal Reserve (Fed) will cut interest rates by 50 basis points in September. This expectation supports gold prices, especially after U.S. labor market data showed a decline in job numbers to the lowest level in three and a half years in July.

• Bond Yields and USD: Lower U.S. bond yields and a weaker USD also contribute to driving gold prices higher. However, the recovery of the USD and upcoming employment reports have tempered the upward momentum for gold.

Market Outlook:

• Trading Strategy: Investors are waiting for the U.S. Non-Farm Payrolls (NFP) report on Friday for a clearer direction on gold prices. Meanwhile, the ADP employment report and weekly jobless claims will be monitored for short-term trading adjustments.

• Support and Resistance Levels: Gold may face resistance near the $2,524-$2,525/ounce range. If gold falls below the $2,471-$2,470/ounce support level, it could test lower support levels around $2,435 and $2,386.

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