Gold market analysis

"Gold Prices Tend to Rise Repeatedly This Week" 9/3/2026 11:10 Completed 

The U.S. non-farm payroll report for February was much worse than expected, with a loss of 92,000 jobs and the unemployment rate rising by 0.1 percentage point to 4.4%. Additionally, retail sales in January fell by 0.2% month-on-month, which was not as bad as the expected 0.3% decline, but still worse than the previous month. The non-farm payroll data pushed gold prices to rise sharply. After the release of the data, the spot gold price rose rapidly to the $5,130 level, then gradually declined and even fell below the pre-release low to $5,074.72 before climbing again. Later, it fluctuated and rose in New York to $5,176.32. 

However, gold prices opened sharply higher in today's Asian session, rising to $5,193.21 before plummeting. It fluctuated and dropped to $5,015.23 before gradually rebounding. However, it was clearly blocked before $5,100. It should be noted that international oil prices rose sharply in today's Asian session. New York crude oil broke through $100 per barrel and continued to rise, reaching a high of $118.82 before slightly pulling back and rising again, and further breaking through $119. 

$5,125 is the key resistance for the day. 

Gold and oil prices have always moved in tandem. Rising oil prices drive up inflation, which supports the rise in gold prices. Currently, the conflict between the US and Iran is ongoing, and the US non-farm payroll jobs decreased in February, raising market expectations for the Federal Reserve to cut interest rates. It is impossible for the Fed to raise interest rates due to the sharp increase in oil prices. Therefore, gold prices have the potential to rise significantly. From the hourly chart, the large double bottom of gold prices has not been broken, and the neckline remains at $5,205.91. This morning, gold prices approached $5,200 but did not break through. It remains to be seen how major players will use market information to break through this level. The Federal Reserve will hold a two-day interest rate meeting next Tuesday. As the authorities are currently more concerned about the performance of the job market than inflation, it is expected that even if the Fed does not cut interest rates next week, it will express its concern about the deterioration of the job market. This could very well serve as an excuse for gold prices to break through $5,200. 

In the short term, a large double bottom has formed on the hourly chart of gold prices. This week, it is expected to fluctuate upward. The $5,000 level remains a strong support level. Currently, the gold price is approaching the 135-degree angle of Gann at $5,110, and it has fallen by more than $78 today, which is not reasonable. It is expected that the decline will gradually narrow to less than $50. A rebound is also not impossible. It is expected that the 50SMA on the 5-minute chart (currently around $5,074) will be the first strong support level, and $5,125 will be an important resistance level. A breakthrough could lead to a gradual rise and a challenge to $5,200. 

The above content is for reference only and does not constitute investment advice.