Gold (XAUUSD) continued its strong upward momentum during North American trading on September 6, 2024, surpassing the $2,500 mark. As of the time of writing, gold is trading at $2,516, up more than 0.80%. The daily high reached $2,523 before traders took profits due to concerns over upcoming critical economic data.

U.S. labor market data indicates signs of cooling, increasing expectations that the Federal Reserve (Fed) may cut interest rates by 50 basis points (bps) in the coming weeks. This has pushed gold prices higher as investors anticipate more than 104 basis points of easing from the Fed in December 2024. According to Fed San Francisco President Mary Daly, a rate cut would help maintain labor market stability.

Meanwhile, U.S. Treasury yields have fallen, with the 10-year Treasury bond yield dropping three basis points to 3.727%, weakening the USD. The U.S. Dollar Index (DXY) fell by more than 0.21% to 101.05, providing further support for gold prices.

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📢 Gold Price Outlook:

Gold is likely to continue its upward trend and test new record highs in the near term. However, pressure from the U.S. stock market may only be temporary and could impact gold prices in the short term. Investors are awaiting the Non-Farm Payroll (NFP) report for further direction.

Trading Strategy:

• Buy: Consider buying when gold prices reach $2,520 – 22 with the next target at $2,525 – 27. If the uptrend continues strongly, prices may rise to $2,530 – 32.
• Monitoring Points: In the European session, if gold maintains above $2,510 – 12 or around $2,515 – 17, the buy strategy remains valid. However, if prices fall below $2,510 – 12, the strategy may need adjustment.
• Sell: If gold prices do not increase significantly or remain steady from mid-European session, consider exiting buy positions and switching to sell. Aim for a sell target in the range of 5 – 10 points if the uptrend loses momentum.

Conclusion: Gold may continue to rise significantly amid expectations of a Fed rate cut, but investors need to stay flexible in their trading strategy to respond promptly to market fluctuations.

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