Gold Price Movement on September 4, 2024
On September 4, 2024, global gold prices are experiencing a slight rebound after notable market fluctuations. Despite a sharp decline in U.S. stock markets, gold prices have risen due to positive sentiment from U.S. economic data. The better-than-expected ISM Manufacturing Index has eased concerns about an economic slowdown, indicating a potential “soft landing” for the U.S. economy.
However, gold prices may still face pressure from potential adjustments in Asian and European stock markets. This price increase may not be strong enough to offset the potential downward pressure in upcoming trading sessions.
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Gold Trading Strategy
Asian and European Markets:
- Sell Strategy: If gold prices recover but do not exceed the levels of 2,490 – 2,492 or 2,495 – 2,497 USD/ounce, target a decline to 2,487 – 2,485 USD/ounce, 2,482 – 2,480 USD/ounce, or further to 2,477 – 2,475 USD/ounce.
- Exit Sell and Buy Strategy: If, at the beginning of the European trading session, gold remains around 2,490 – 2,492 or 2,495 – 2,497 USD/ounce, consider a buying opportunity.
Mid-European Session and Beyond:
- Exit Sell and Buy Strategy: If gold declines but does not breach the 2,480 – 2,482 USD/ounce range or holds around 2,485 – 2,487 USD/ounce, target an increase of 5 – 10 USD/ounce.
Note: Closely monitor other market factors and developments in U.S. stock markets as well as key economic news to make informed trading decisions.
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