On last Friday (September 5), the latest U.S. employment data came in far weaker than expected, providing strong justification for the Federal Reserve to cut rates this month and pushing gold out of its consolidation range to a new record high.
Data released by the Bureau of Labor Statistics showed that nonfarm payrolls increased by only 22,000 in August, well below market expectations. The weak data reinforced bets on Fed rate cuts.
Boosted by this, gold surged strongly, briefly breaking above the $3,600 per ounce mark. Saxo Bank was even more optimistic, projecting that prices could reach $3,800 as the case for an outsized rate cut continues to build. Combined with risks to the Fed’s independence, the bank argued that gold could very well hit that level within the next three to four months.
Spot gold rose 1.22% to $3,589.29 per ounce.
Trading suggestion: After gold reached a weekly low of 3436.2, the price showed a strong rebound with volatile upward movement. By last Friday’s Non-Farm Payrolls release, gold touched a weekly high of 3600.6, followed by a consolidation at the top. The weekly close was at 3587.4, forming a large bullish candlestick with nearly equal upper and lower shadows. This pattern suggests that the market still has buying demand for the coming week.
Trading strategy: Buy near 3565, SL 3559, TP 3575–3645.
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