This week, the international 
XAUUSD price increased sharply, from 3,436 USD/oz to 3,600 USD/oz and closed the week at 3,586 USD/oz. The reason for the sharp increase in gold price this week is due to the conflict between the Trump administration and the FED increasing when Mr. Trump announced the dismissal of FED Governor Lisa Cook. Previously, Mr. Trump repeatedly attacked FED Chairman Jerome Powell for not reducing interest rates and also threatened to fire Mr. Powell.
In addition, the US non-farm payrolls (NFP) report for August dealt a further blow to the already weak job market, as employers added just 22,000 jobs, far below economists' forecasts of 75,000. The dismal figure followed an equally worrying July report of 73,000 new jobs, while revisions reduced the number by 258,000 jobs from the previous two months. Meanwhile, the unemployment rate rose to 4.3%.
The worsening jobs picture has reinforced expectations that the Fed will cut interest rates at its meeting on September 16-17. Market participants now see a 0.25% rate cut as a near certainty, with some economists even suggesting the Fed could cut rates by as much as 0.5%.
Next week, the US will release two important inflation figures, CPI and PPI. If the monthly core CPI increases by 0.5% or more, it may cause investors to reassess the probability of multiple rate cuts by the FED this year. This will support the USD, which will be detrimental to gold prices next week. On the contrary, if the core CPI increases by only 0.3%, it may cause the USD to fall, supporting gold prices to continue to rise next week.
![GOLD MARKET ANALYSIS AND COMMENTARY - [Sep 01 - Sep 05]](https://tradingview.sweetlogin.com/proxy-s3/s/ShElOYpH_mid.png)
📌Technically, on the H4 chart, if the gold price maintains its uptrend, it will move up to the next resistance level determined at the Fibonacci extension Fibo261.8 level around the threshold of 3,680 USD/oz. In case of a correction, the support level should be noted around the hard resistance level as well as the dynamic resistance level at the area of 3,450 USD/oz.
Notable technical levels are listed below.
Support: 3,574 – 3,550USD
Resistance: 3,600 – 3,613USD
SELL XAUUSD PRICE 3681 - 3679⚡️
↠↠ Stop Loss 3685
BUY XAUUSD PRICE 3449 - 3451⚡️
↠↠ Stop Loss 3445
XAUUSD price increased sharply, from 3,436 USD/oz to 3,600 USD/oz and closed the week at 3,586 USD/oz. The reason for the sharp increase in gold price this week is due to the conflict between the Trump administration and the FED increasing when Mr. Trump announced the dismissal of FED Governor Lisa Cook. Previously, Mr. Trump repeatedly attacked FED Chairman Jerome Powell for not reducing interest rates and also threatened to fire Mr. Powell.In addition, the US non-farm payrolls (NFP) report for August dealt a further blow to the already weak job market, as employers added just 22,000 jobs, far below economists' forecasts of 75,000. The dismal figure followed an equally worrying July report of 73,000 new jobs, while revisions reduced the number by 258,000 jobs from the previous two months. Meanwhile, the unemployment rate rose to 4.3%.
The worsening jobs picture has reinforced expectations that the Fed will cut interest rates at its meeting on September 16-17. Market participants now see a 0.25% rate cut as a near certainty, with some economists even suggesting the Fed could cut rates by as much as 0.5%.
Next week, the US will release two important inflation figures, CPI and PPI. If the monthly core CPI increases by 0.5% or more, it may cause investors to reassess the probability of multiple rate cuts by the FED this year. This will support the USD, which will be detrimental to gold prices next week. On the contrary, if the core CPI increases by only 0.3%, it may cause the USD to fall, supporting gold prices to continue to rise next week.
📌Technically, on the H4 chart, if the gold price maintains its uptrend, it will move up to the next resistance level determined at the Fibonacci extension Fibo261.8 level around the threshold of 3,680 USD/oz. In case of a correction, the support level should be noted around the hard resistance level as well as the dynamic resistance level at the area of 3,450 USD/oz.
Notable technical levels are listed below.
Support: 3,574 – 3,550USD
Resistance: 3,600 – 3,613USD
SELL XAUUSD PRICE 3681 - 3679⚡️
↠↠ Stop Loss 3685
BUY XAUUSD PRICE 3449 - 3451⚡️
↠↠ Stop Loss 3445
Note
▫️Spot gold price reached 3590 USD/ounce, up 0.10% on the day.Note
🔰| Forex trading
🧩Get an average of 1200 pips per month
🧩Consulting on Risk Management
🧩Account management
🧩Forex signals have a high win rate
🚨🚨🚨FREE SIGNALS: t.me/+8q3AxDD9CsRjYzI1
🧩Get an average of 1200 pips per month
🧩Consulting on Risk Management
🧩Account management
🧩Forex signals have a high win rate
🚨🚨🚨FREE SIGNALS: t.me/+8q3AxDD9CsRjYzI1
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
🔰| Forex trading
🧩Get an average of 1200 pips per month
🧩Consulting on Risk Management
🧩Account management
🧩Forex signals have a high win rate
🚨🚨🚨FREE SIGNALS: t.me/+8q3AxDD9CsRjYzI1
🧩Get an average of 1200 pips per month
🧩Consulting on Risk Management
🧩Account management
🧩Forex signals have a high win rate
🚨🚨🚨FREE SIGNALS: t.me/+8q3AxDD9CsRjYzI1
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.