On September 8, the latest US non-farm employment data was unexpectedly disappointing, with only 22,000 new jobs added in August, significantly below market expectations. Prior to the employment report release, markets widely expected the Federal Reserve to cut rates by 25 basis points at the September 16-17 meeting, which would mark the Fed's first rate cut since 2024. However, the weak employment data prompted markets to quickly adjust their expectations. As of now, federal fund rate futures show the probability of a 50 basis point rate cut this month has risen to 8%, while the probability of a 25 basis point cut remains high at 92%. When the Federal Reserve began its rate-cutting cycle in September 2024, the first round of cuts was 50 basis points. Analysts believe the market may be re-examining this history and expecting the Fed might take bold action again.

The unexpected weakness in US August non-farm employment data not only reveals the reality of economic slowdown but also brings new variables to Federal Reserve monetary policy. While investors anticipate more aggressive rate cuts, they are also closely monitoring further changes in economic data. How will the Fed's next move affect stock markets, bond markets, and even global financial markets? Will it be a stimulus shot for economic growth or a warning bell for economic weakness? The answer may be revealed at the September 16-17 Federal Reserve meeting. Regardless, this employment report has already ignited a new round of market discussion, with future uncertainties and opportunities coexisting, deserving close attention from every investor.

Regarding gold, the weekly chart closed with a strong bullish candle, reaching near 3600 at its peak. Based on the weekly close, there may still be higher levels this week, but caution is warranted against a pullback when the price reaches key resistance levels. Current weekly support is around 3500 from the top-to-bottom conversion, with resistance near 3645, allowing for high short and low long strategies. On the daily chart, Friday's non-farm data stabilized at 3540 and rallied strongly, gaining $60, and based on the close, Monday may see further highs. However, considering silver's movement, there is demand for a correction. Current support below is around 3576, which is also the intraday long-short dividing line - if it holds, small stop-loss long positions can be considered. If it effectively breaks below the early morning low of 3573, there's potential for a move to around 3562 or even the non-farm starting point near 3554, where long positions can be added on touch. Resistance above is near 3596 - if it doesn't break, small stop-loss short positions can be considered. If it stabilizes above 3596, then 3600 won't hold, targeting another $10-40 higher before reversing to short.

Trading recommendations: Use 3575 as defensive support for long positions, with reference entry points in the 3581-83 range. Target 3596 stabilization to look for levels above 3600. Other long position entry points refer to the levels mentioned above. Short position opportunities will be provided during the session.