On last Friday (August 1), gold prices rebounded strongly as multiple positive factors triggered a surge in risk-off sentiment.
U.S. non-farm payroll data for July fell far short of expectations, and former President Trump unexpectedly announced a significant increase in tariffs on Canadian goods. Coupled with a sharp decline in U.S. equities, market expectations for a Fed rate cut in September surged, making gold once again a safe haven for capital. Looking ahead, investors will closely watch inflation data, speeches from Federal Reserve officials, and whether Trump will further escalate trade tensions — all of which could drive greater volatility in gold prices.
Spot gold rose as much as 2.26% intraday, breaking above $3,360 per ounce.
Trading suggestion: After reaching a weekly low of 3267.5, gold saw a strong rebound on Friday, driven by weaker-than-expected non-farm payroll data and heightened expectations of interest rate cuts. The weekly high reached 3363.6 before entering a consolidation phase. Ultimately, the weekly candlestick closed at 3363.2, forming a hammer pattern with a very long lower shadow. This pattern indicates indecision at high levels, and after testing the bottom, a pullback followed by a buying opportunity is expected this week.
Buy near 3335, Stop loss 3329, Target 3345–3390.
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