#Gold Technical Analysis# 24K99 News On Friday (September 6), during the afternoon session in the Asian market, spot gold maintained its intraday rebound trend, with the price already breaking through $2520 per ounce. The well-known financial news website Economies.com published the latest analysis on the technical outlook for gold on Friday.

According to Economies.com, gold has confirmed the activation of a call scenario and is expected to first rise to $2540.00 per ounce.

Driven by the weak US dollar, spot gold surged $21.36 to close at $2516.58 per ounce on Thursday, an increase of 0.86%.

At 20:30 Beijing time on Friday, investors will welcome the US August non-farm payroll report. Economists expect an increase of 0.16 million in US non-farm employment for August, compared to an increase of 0.114 million in July; the US August unemployment rate may drop from 4.3% to 4.2%.

Han Tan, Chief Market Analyst at Exinity Group, stated: 'If the August unemployment rate remains unchanged at 4.3% (the highest level since 2021), with increased market bets on a substantial rate cut, gold prices will return to historical highs.'

Economies.com wrote in the article that after breaking through the $2500.00 per ounce level, the call scenario has been confirmed, thereby strengthening expectations for further upward movement in the gold price in the near future. Currently waiting for the price of gold to test the next call target of $2540.00 per ounce, breaking through this level is a key factor hindering further rebound towards $2600.00 per ounce.

(Spot gold 4-hour chart Source: Economies.com)

Economies.com stated, therefore, we expect the gold price to reach a new historical high in the near future. It should be noted that gold maintaining consolidation above $2500.00 per ounce is the first condition for gold to continue its upward trend; once it falls below this level, it will lead to intraday declines in gold prices and test the first bearish target of $2483.40 per ounce.

Economies.com predicts that today's gold price trading will be between the support level of $2500.00 per ounce and the resistance level of $2540.00 per ounce.

Economies.com stated that the expected trend for gold prices today is bullish.

At 13:50 Beijing time, spot gold was reported at $2521.01 per ounce.