Wednesday (1^st September) Asia open, gold price slightly a bit dropped from 1815.2 to 1810.2, which is around 5 dollars and the current price is 1812.6 dollars per ounce. Looking to the yesterday price, the gold has moved in between 1800 to 1820 during Asia open, the price has increase to 1809.5 and high 1819 at Europe open, however, it has dropped back to day low at 1801.5 during US open, but has increase back to 1813.5 dollars per ounce.

For fundamental analysis, last week, the Fed chair Jerome Powell has remarkable mentioned in Jackson Hole, while the spreading of the pandemic still rapidly increases. For this week, except ADP, the market still has the unemployment news on Thursday and the Non-farm payroll on Friday. For ADP number, in August the number is 330 thousand while the forecast is 625000. Based on the forecast the US economy will project a positive development if the number is higher than expectation it will be the key reason for the Federal reserve to modify the monetary policy.

For technical analysis, the price still remains in between mid and high bands of Bollinger and KD signal remain in the high, which could create the dead-cross and the price will be dropped accordingly. On 4H graph, in 5^th and 10^th the market still under the pressure in the bottom part, which create the uncertain direction to the gold price based on the KD signal, however, yesterday, the gold is traded in between 1800 to 1820 and the current price still remain in between. While the market still waiting for the fundamental release, the price will not break any support and resistance within the day-time trading session.

Resistance: 1819 / 1825 / 1832

Support: 1805 / 1798 / 1792

Trading recommendation:

Short at 1814 to 1816, setting risk level at 1820, ad profit taking at 1808 / 1805 / 1800.

Analyzed by: Mr.​ Chris Lau, Independent Analyst