Spot gold prices suddenly surged during Asian trading on Monday (September 1st), rising rapidly from the session low of $3,436.94 per ounce to a current high of $3,471.29 per ounce, a short-term gain of nearly $35. In August, the price surged 4.81%, its best monthly performance since April, once again attracting the attention of global investors. Last Friday, it closed at $3,448.01 per ounce, reaching an intraday high of $3,453.82 per ounce, just shy of its all-time high set on April 22nd. This strong rise in gold prices is not accidental, but the result of a combination of factors, the most critical of which is the continued rise in market expectations for a Federal Reserve rate cut.

Whether gold prices can continue their upward trend depends largely on future economic data and the Federal Reserve's policy decisions. If September's employment data continues to show signs of a cooling economy, the Federal Reserve is likely to cut interest rates as planned, potentially pushing gold prices above their all-time highs. Conversely, if the economic data is stronger than expected, gold prices may face short-term correction pressure.

From a weekly spot gold chart, international gold prices have gradually entered the tail end of a triangle pattern, and a decisive outcome is expected soon, with the turning point likely near next month's Fed rate decision. Currently, the short-term moving averages have turned upward, but support remains relatively limited. Furthermore, the MACD indicator is still in a death cross correction phase, so it's possible that the price will continue to fluctuate widely at the beginning of the month.

From a daily spot gold chart, with last week's steady rise in gold prices, a short-term upward trend has formed, but further room for expansion has yet to be explored. The next key resistance level is undoubtedly the 3,400 level. Currently, the short-term moving averages are gradually forming a bullish pattern, and the MACD indicator is attempting to form a golden cross above the 0 axis. Once this signal becomes clearer, the principle of buying on dips and following the trend can be implemented. Pressure: 3480-3490-3500 Support: 3465-3458-3450.

Disclaimer: The article is contributed by the market analyst from Bitop market observation team. The content is solely for personal opinions and sharing. The analysis is time-sensitive and provided for reference and discussion only. It does not constitute any investment advice. The market is risky, so investing should be done cautiously.