On August 29th, Friday's Asian morning session, spot gold traded around $3412/ounce, with a cumulative weekly gain of approximately 1.3%, approaching the historical high of $3500 set in April. U.S. economic data released Thursday showed growth faster than expected, intensifying market concerns about inflation persistence. Against this backdrop, investors are focusing on the upcoming U.S. Personal Consumption Expenditures (PCE) price index, which could be key to Federal Reserve policy direction. If inflation continues to accelerate, it will limit the Fed's rate-cutting scope this year, typically putting pressure on gold. Federal Reserve Governor Christopher Waller stated: "I support a 25 basis point rate cut in September and expect possible further rate reductions over the next 3 to 6 months. The current probability of a September rate cut is about 85%, but after September, inflation trends and U.S. labor market changes remain highly uncertain. The lagging effects of Trump's tariff increases may further push up prices, exacerbating market divisions over policy space."

Regarding gold, yesterday saw continued oscillating rebounds, breaking through the 3400 integer level. Despite a pullback in the evening due to data impact, it subsequently rallied again influenced by dollar weakness, testing highs near 3423, closing with a medium bullish candle. Yesterday's gold continued its recovery rally along the 5-day moving average, performing stronger than expected overall. The upside touched trendline resistance and daily-level range upper boundary pressure around 3420. While this gold rally benefited from market expectations of Fed rate cuts, compared to the dollar index movement, gold's strong performance contains some emotional components. Currently, gold's daily structure is at trendline resistance and range upper boundary, technically viewed as entering the final phase of short-term rebound. Recent 7 trading days have shown a pattern of one medium bullish day followed by one small bearish or small bullish consolidation day. Following this pattern, today may see a bearish close. Intraday focus on 3420-25 resistance above, and 5-day moving average 3400-3395 support below. Once this level is breached, the daily pattern of medium bullish followed by small bearish/bullish consolidation will be broken, and gold may enter short-term oscillation.

From an hourly perspective, overnight saw a brief pullback after U.S. data, technically marking the end of the short-term uptrend and potentially entering oscillating consolidation. The late-night rally showed severe overbought conditions on hourly charts, with technical indicators showing obvious top divergence, possibly explaining this morning's quick adjustment after opening. Therefore, intraday gold should avoid blind optimistic chasing, remaining cautious of potential technical adjustment risks. Hourly charts show short-term resistance around 3415-17 above, with main resistance at range upper boundary near 3425. Below, focus on the 3405 battle level - if intraday falls back below 3405, further adjustments may continue, with potential testing of 3400-3395 area. Current market sentiment is heavy, and short-term movements may need fundamental guidance. Wait for evening data before making corresponding adjustments based on actual conditions. Intraday aggressive approach continues attempting short positions at highs, but don't expect excessive downside space. Gold may later adopt high-level oscillation to await next month's Fed rate decision.

Operational recommendations: Short near 3415/17 above, targeting 3405-3395 with strong breakout continuation. Long positions based on market stabilization signals.