Cheng Jingsheng | Evening Analysis of Spot Gold on September 1
In the morning, the gold price made a modest rebound to around 4461, then came under pressure and pulled back. During the afternoon, it remained in a weak, range-bound consolidation. In the European session, bonds were sold off in many places across the US, Europe, and Japan at the same time; long-end yields jumped quickly. Combined with the renewed escalation of the US-Iran conflict, energy prices and inflation expectations were pushed higher. The market further priced in expectations that major central banks would maintain tight policy and possibly continue rate hikes, causing gold prices to weaken in tandem.
At 10:00 PM tonight, the PMI data will be released. Regardless of whether the data is bullish or bearish, market volatility is likely to intensify—make sure you handle risk control in advance. Gold has already fallen below the 4400 level and is currently holding above 4360. Overall, the structure remains bearish. Tonight, the focus should be on the key support at 4350.
For tonight’s trading, the approach should mainly stay with short positions. If price rebounds into the 4380–4395 range and shows resistance, you can consider setting up short trades. Targets are 4365 and 4350. If 4350 breaks down, the market may extend the drop toward 4330. If the data releases worse-than-expected figures, gold may test the 4300 area.
Market data can easily trigger spike wicks and sweep trades. Do not chase orders blindly. Set stop losses strictly and refuse to gamble with oversized positions.
The above is only for market analysis and sharing and does not constitute investment advice. Trading involves risk; enter the market cautiously.$XAU
#XAUUSD
In the morning, the gold price made a modest rebound to around 4461, then came under pressure and pulled back. During the afternoon, it remained in a weak, range-bound consolidation. In the European session, bonds were sold off in many places across the US, Europe, and Japan at the same time; long-end yields jumped quickly. Combined with the renewed escalation of the US-Iran conflict, energy prices and inflation expectations were pushed higher. The market further priced in expectations that major central banks would maintain tight policy and possibly continue rate hikes, causing gold prices to weaken in tandem.
At 10:00 PM tonight, the PMI data will be released. Regardless of whether the data is bullish or bearish, market volatility is likely to intensify—make sure you handle risk control in advance. Gold has already fallen below the 4400 level and is currently holding above 4360. Overall, the structure remains bearish. Tonight, the focus should be on the key support at 4350.
For tonight’s trading, the approach should mainly stay with short positions. If price rebounds into the 4380–4395 range and shows resistance, you can consider setting up short trades. Targets are 4365 and 4350. If 4350 breaks down, the market may extend the drop toward 4330. If the data releases worse-than-expected figures, gold may test the 4300 area.
Market data can easily trigger spike wicks and sweep trades. Do not chase orders blindly. Set stop losses strictly and refuse to gamble with oversized positions.
The above is only for market analysis and sharing and does not constitute investment advice. Trading involves risk; enter the market cautiously.$XAU
#XAUUSD
