Last week, after gold hit a record high, some selling happened before the U.S. jobs report. But even after the report, gold stayed strong and went above its record.
The August jobs report showed weak results: new jobs were fewer than expected, and the unemployment rate went up. Because of this, people expect the Federal Reserve to cut interest rates this month. Lower interest rates pushed gold to a new record high, and gold closed strong. This means the buying trend may continue this week.
This week, the U.S. August CPI (inflation data) is expected to rise. If inflation risk increases, gold may fall for a short time.
However, because of weak jobs, the Fed is still likely to cut rates. So, any fall in gold may be short, and it could be a good chance to buy.
Expected range for Gold/USD this week: 3,490 – 3,700 USD
Note: This information does not guarantee profits. Please make your own decisions when trading.