Gold prices saw a volatile rise in early Asian trading on Wednesday (September 10), currently trading around $3,636.88 per ounce. Gold prices haven't been able to hold onto all of their gains since reaching a record high. With the US dollar index rebounding from a seven-week low of 97.24 to 97.76, and US Treasury yields rising from near five-month lows, gold bulls are beginning to waver. However, weak US labor market data provided support for gold prices. Revisions indicate that US job growth between April 2024 and March 2025 fell by nearly 1 million jobs compared to the initial estimate, a larger decline than even the downward revision during the 2008 financial crisis.

The market is currently focused on upcoming US inflation data. The Producer Price Index (PPI) will be released on Wednesday, while the more critical Consumer Price Index (CPI) is scheduled for release on Thursday. These data will be crucial for determining the direction of the Fed's policy, especially given widespread market expectations of a rate cut.

From the daily spot gold chart, last week's disappointing non-farm payroll data has further heightened expectations of a Fed rate cut. Currently, the international gold price has successfully broken through the 3,600 mark, strongly suggesting continued progress toward new all-time highs. The short-term moving averages are forming a perfect bullish alignment, and the MACD indicator is also forming a golden cross and diverging above the 0 axis. This upward trend is expected to continue until next week's interest rate decision.

From the 4-hour spot gold chart, after last week's strong rally, gold prices are maintaining a strong upward momentum. Next resistance levels should be considered within round numbers, such as 3,650 or even 3,700. The moving averages are currently catching up with the price, but caution is warranted regarding potential divergences, suggesting a short-term correction is possible. Furthermore, caution should be exercised against MACD divergences. For trading strategies, it is recommended to buy on dips. Pressure: 3645-3655-3670 Support: 3630-3620-3610.

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Disclaimer: The article is contributed by the market analyst from Bitop market observation team. The content is solely for personal opinions and sharing. The analysis is time-sensitive and provided for reference and discussion only. It does not constitute any investment advice. The market is risky, so investing should be done cautiously.