Gold prices fell on last week Friday (September 6), pulling back from near-record levels hit earlier in the session, after mixed US jobs data cast doubt on the size of the Federal Reserve's interest rate cut later this month.
The head of North American commodities at Citi Research said gold paper traders are debating whether the Fed will cut rates by 50 basis points or 25 basis points on September 18, and precious metals are also reacting to that.
Spot gold fell 0.86% to $2,494.83 an ounce. U.S. gold futures settled down 0.7% at $2,524.60 on the COMEX.
Operation suggestion: The lowest gold weekly line to the position of 2471.5 after the market received support to quickly pull up, the highest weekly line reached the position of 2529.3 after the market then fell back, the weekly line finally closed in the position of 2497, the weekly line with an equal length of the spindle shape of the line, and such a form after the end of the weekly line shape has fallen technical pressure, the point.
Trading strategy: short near 2515, stop loss 2521, target 2500-2485.
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