On August 29th, Friday Beijing time, Waller stated in his speech at the Miami Economic Club that with core inflation approaching 2%, market-based long-term inflation expectations firmly anchored, and increasing risks of labor market weakening, appropriate risk management means the Federal Open Market Committee (FOMC) should lower policy rates now.

He indicated he will support a 25 basis point rate cut in September and expects further rate reductions over the next three to six months. If employment data shows the U.S. economy is "significantly weak," he might support substantial rate cuts.

Gold surged higher again during late trading early Thursday morning, reaching a high of 3423 and firmly establishing itself above the 3400 level.

From the daily chart perspective:

The 3400 level is absolutely a crucial position on the daily timeframe.

After breaking above 3400 yesterday, it's clear that 3400 has now become strong support.

Maintaining above 3400, gold's subsequent trading range may shift to 3400-3450.

Moreover, from the hourly chart:

We can see that during yesterday's U.S. session, gold's pullback low was around 3395.

Based on the daily chart analysis above, today's obvious support level is at 3395-3400.

As long as Friday maintains above 3395-3400, it's reasonable to go long without hesitation.

Conversely, attention should be paid if today breaks below 3395, as that would signal against going long.

Breaking below 3395 would mean gold might directly test the support level around 3380.