Market morning summary

Spot gold hit a fresh record high of $3,675.02/oz yesterday as expectations for a September Fed rate cut rose. The price later pulled back and closed at $3,626.28/oz. This morning gold is trading around $3,636.00/oz and is moving sideways near the record level.

Key factors

- Monetary policy expectations: Rising bets on a Fed rate cut were the main driver of the new high.

- Safe-haven demand: Global trade tensions and geopolitical uncertainty continue to support precious metals.

- Technical consolidation: After the new high, gold has pulled back for a technical correction and is now consolidating. The overall uptrend has not changed.

Morning trading strategy guide

Gold (XAU/USD)

- Range: $3,622.00 – $3,650.00/oz

- Idea: Buy low and sell high within the range. Use small positions.

Breakout rules:

- If price falls below $3,622.00, look for support at $3,612.00 and $3,602.00. Consider short positions with a stop loss at $3,627.00.

- If price breaks above $3,650.00, look for resistance at $3,660.00 and $3,670.00. Consider long positions with a stop loss at $3,645.00.

Silver (XAG/USD)

- Range: $40.750 – $40.980

- Idea: Buy low and sell high within the range.

Breakout rules:

- If price falls below $40.750, targets are $40.300 and $39.800. Consider short positions with a stop loss at $40.950.

- If price breaks above $40.980, targets are $41.300 and $41.600. Consider long positions with a stop loss at $40.780.

Risk warning

Markets are unpredictable and you can lose money. This information is for reference only and is not investment advice. Make your own decisions based on your risk tolerance.