US non-farm payrolls rose 162,000 in August, significantly higher than the consensus forecast of 56,000 and the previous figure, which was revised upward from a contraction of 23,000 to a positive increase of 21,000. This data should reinforce investors’ assumptions that the Federal Reserve has grounds for raising interest rates. This upward trend in interest rates should dampen investors’ interest in buying gold at higher levels. Coupled with renewed military actions between the US and Iran, investors’ risk appetite for gold is likely to be low, negatively impacting gold prices.

Gold prices may fluctuate between $4,368 and $4,464 in the short term. Pay close attention to potential entry opportunities at the higher end of this range. There is room for short-term pullbacks, and $4,484 can serve as a key support level. Appropriate risk management is essential.

Risk Warning: This article is for market analysis purposes only. Price ranges and levels mentioned are for market observation and do not constitute investment advice. Precious metal prices are highly volatile; please make independent and prudent decisions and manage your own risk.

Gold price chart (1 hour):

Ferris Kwok

Chief Analyst
Success Finance Group

Email: ferris.kwok@successfn.com