September 8: Gold Market Last Week: International gold continued its strong rebound with gains, extending its upward climb as expected after the fourth pullback to support near the middle Bollinger Band. Although the trend broke above the Bollinger Bands, leaving room for pullback adjustments, the current bullish momentum remains strong with Bollinger Bands opening upward, increasing the bullish outlook. Any pullbacks touching support levels would present bullish entry opportunities, continuing to target new highs.

In terms of specific movements, gold opened the week at $3,448.30 per ounce, initially recording the weekly low of $3,436.97, then rebounded continuously. On Tuesday, it broke through the $3,500 level, on Wednesday it challenged resistance near $3,578, and although Thursday saw some profit-taking weakness, it didn't fall below the $3,500 level. Friday brought renewed rebounds and rallies, breaking through resistance and recording the weekly high of $3,599.66, ultimately closing at $3,589.51. The weekly range was $162.69, closing up $141.21, a gain of 4.1%.

Regarding influences, except for Thursday's resistance and profit-taking pullback, the week was consistently driven by heating Fed rate cut bets and independence concerns, along with bullish buying momentum. Towards the week's end, several Fed officials indicated the need for rate cuts, and non-farm and other data showed unexpected weakness. August seasonally adjusted non-farm payrolls recorded an increase of 22,000, below market expectations of 75,000. The unemployment rate rose as expected to 4.3%, the highest since October 2021. This further heightened expectations for Fed rate cuts, supporting gold's rally and ultimately closing positively.

Looking ahead to this Monday (September 8): International gold opened nearly $10 lower at $3,579.93, then continued to show strength. However, early session momentum was limited, with the dollar index opening higher but encountering resistance, which also limited gold's pullback demand. Overall, while gold faces short-term correction needs, the outlook remains bullish. Watch for support from the weekly Bollinger Band upper rail and the 5-week moving average, both presenting bullish entry opportunities.

There are no key data or events to watch today, continuing the influence and trend from Friday's data. Therefore, intraday operations should focus on buying pullbacks at support levels.

Fundamentally, driven by the dollar's continued volatility and periodic declines, persistent central bank buying, Fed monetary policy easing expectations, and expanding geopolitical and economic uncertainties, gold has gained 27% in 2024 and has already surged 37% year-to-date.

Looking forward, current positive factors remain undiminished with no outlook reversal. September rate cut optimism is increasingly strong, with both major and minor employment data confirming this expectation. Additionally, rate cut cycle prospects remain for year-end and next year, continuing to benefit gold prices. Tariff policies are being further implemented, maintaining policy-related risk concerns, plus ongoing geopolitical uncertainties. The gold market environment remains within a bullish outlook.

Therefore, the next year or so will continue to be bullish, with expectations to challenge above $4,200 next year.

On the weekly chart, since gold began its rally last year, it has expectedly pulled back to middle rail support for the fourth time and resumed upward movement. It has also consistently reached the given short-term bullish targets. Current bullish momentum remains stable, and while there's room and need for resistance adjustments, Bollinger Bands continue opening upward with remaining bullish space. Therefore, any pullbacks should watch for Bollinger Band upper rail support or 5-week moving average support as renewed bullish entry opportunities.

On the daily chart, gold opened lower but moved higher, maintaining above the 5-day moving average with bullish momentum showing no signs of weakening, continuing the bullish uptrend. Conversely, if it falls below the 5-day moving average, previous horizontal resistance would become bullish support, along with further ascending trendline support and support near the 60-day and 100-day moving averages, also presenting pullback bullish entry opportunities.

Intraday operation preliminary reference levels, with specific entry and exit points subject to real-time notifications:

Gold: Watch support near $3,573 or $3,550 below; resistance near $3,606 or $3,636 above;

Silver: Watch support at $40.50 or $40.25 below; resistance at $41.10 or $41.30 above;

Disclaimer: This information is for reference only and does not constitute investment advice. Investors operate at their own risk.