During Asian trading on Tuesday (September 2nd), spot gold prices broke through the $3,500 mark, reaching a high of $3,504.5 per ounce, a daily gain of approximately 0.8%, setting another record. This continued last week's 2.3% rally. Concerns about the Federal Reserve's independence and policy stability, coupled with expectations of rate cuts, prompted investors to increase their holdings of safe-haven assets.

Market focus will now shift to a flurry of US economic data releases. Tuesday's ISM Manufacturing PMI and Input Price Index will kick things off, followed by Wednesday's factory orders, JOLTS job openings, and the Beige Book. Thursday's employment data, weekly initial jobless claims, trade balance, and the ISM non-manufacturing PMI will culminate in Friday's blockbuster August non-farm payroll report. Bitop analysts predict US non-farm payrolls will increase by 75,000 in August, average hourly earnings will rise by 0.3%, and the unemployment rate will rise to 4.3%. If the data is weak, it will reinforce expectations of a rate cut, further boosting gold prices. Conversely, if the data is strong, it could be seen as a short-term statistical aberration, but given the prospect of rising inflation, the path of rate cuts remains difficult to reverse.

From the daily spot gold chart, gold prices saw a sharp rise yesterday, ultimately closing at a high level with a large real-body bullish candlestick pattern. Prices hit a new high today. The MACD indicator is currently forming a golden cross, and the moving average cluster is also showing a bullish pattern, suggesting that bulls may continue to exert further momentum in the future. Watch for support from the MA5 moving average below.

From the 4-hour spot gold chart, gold prices faced pressure at 3490 yesterday. Although the market has been volatile and consolidating, prices rose above 3500 this morning. The MACD indicator is still forming a golden cross, and the moving average cluster is showing a bullish pattern, indicating that bulls are currently in control and are expected to reach new highs once they stabilize. Watch for support from the MA5 and MA10 moving averages. Pressure: 3500-3510-3520 Support: 3490-3480-3470.‘

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.