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Market News Spot gold short-term trading strategy on September 1st: small non-farmers join hands with manufacturing PMI to strike

Spot gold short-term trading strategy on September 1st: small non-farmers join hands with manufacturing PMI to strike

The U.S. non-agricultural employment report will be released this week. The market’s wait-and-see sentiment is strong. This trading day will usher in the "small non-agricultural" ADP data. The market expectation is relatively optimistic. With some signs of stabilization, gold ETF holdings have reached a new low in more than 16 months, and the downside risk of short-term gold prices has increased.

2021-09-01
9428
On Wednesday (September 1), the spot gold in Asian session hovered around the 100th day. It is currently trading at 1811.45 US dollars per ounce. The US non-agricultural employment report will be released this week. The market’s wait and see sentiment is strong. According to the non-agricultural ADP data, market expectations are relatively optimistic, and expectations for the US ISM manufacturing PMI data are not bad. The US dollar has some signs of stabilization. Gold ETF holdings have reached a new low for more than 16 months. The downside risk of short-term gold prices has increased. .

But from a technical point of view, the bulls still have the opportunity to shock upside before losing support near the 1800 mark of the 10-day moving average.



Daily level: shocking rise; MACD golden cross signal is still there, gold price is still above the previous downward trend line, the upward trend line support is intact, before losing support near the 1800 mark of the 10-day moving average, the bulls still have the opportunity to shock upside .

The initial resistance refers to the 1820 integer mark, and the further resistance refers to the August 4th high of 1831.31. If the resistance is broken, a bullish signal for the market outlook will be added. The strong resistance is around 1844.95, the June 14 low and the May 10 high are both Near the location.

However, KDJ has a tendency to re-form a dead cross. If the gold price falls below the multiple support near the 1800 integer mark of the 10-day moving average, it will increase the short-term bearish signal; further support refers to the 55-day moving average 1792.58 and the 21-day moving average 1785.28, with strong support at Near the low of 1770.93 on August 16.

(Spot gold daily chart)

Resistance: 1820.00; 1831.31; 1844.95; 1856.24;
Support: 1800.65; 1792.58; 1785.28; 1770.93;

Short-term operation advice: wait and see.

GMT+8 09:46, spot gold is now quoted at US$1810.99 per ounce.
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