Spot gold maintained its overnight volatile trend in early Asian trading on Friday (September 12), currently trading around $3,635.18 per ounce. Although spot gold prices fell slightly by 0.2% to $3,632.49 per ounce on Thursday, they remained within striking distance of Tuesday's all-time high of $3,674.36. Gold prices have risen 38% so far this year, driven not only by geopolitical risks and inflationary pressures, but also by US economic data and Fed monetary policy expectations.

The latest data showed that the US Consumer Price Index (CPI) rose more than expected in August, rising 2.9% year-on-year to a seven-month high. Meanwhile, initial jobless claims surged to 263,000, highlighting labor market weakness. While these dual signals caused market volatility, they ultimately reinforced expectations of a Fed rate cut next week, continuing to support gold prices.

Looking at spot gold on a daily chart, the increasing probability of a Fed rate cut has a strong short-term positive impact on gold prices. This week has seen continued gains, with prices now breaking through the 3600 mark. The moving averages are currently forming a perfect bullish alignment and aligning with price levels, providing significant support going forward. We cannot rule out continued upward fluctuations before the interest rate decision is announced.

Looking at spot gold on a 4-hour chart, after reaching a historic high near 3670, the market has finally seen profit-taking, leading to a slight decline in gold prices, though the extent remains limited. Attention will now shift to next week's Fed meeting. The short-term moving averages are now essentially in place, with key support expected around the MA20 level. Furthermore, caution should be exercised against a top divergence or death cross in the MACD indicator. Therefore, it is advisable to patiently wait for opportunities to buy on dips. Resistance levels: 3655-3665-3680; Support levels: 3640-3630-3620.

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.