Market Themes

USD/JPY led the decline among major instruments. Intraday, the US EIA Crude Oil Stocks Change came in at -4.450M, lower than expected.

Gold rose 1.40%; USD/JPY fell 0.92%; Dow Jones rose 0.58%; British Pound fell 0.22%; US Crude Oil fell 0.02%.

On September 2, USD/JPY (USDJPY) closed lower, reporting at 158.692, down slightly by 0.92%. In the Asian session at 01:45, it surged to 160.383 before turning weak, pulling back to 158.202 in the US session at 13:15. The 159 mark was lost intraday. Full-day amplitude was equivalent to 248% of its 14-day average daily volatility, ranking at the 100th percentile of the past 20 days. Both short-term and medium-term remain below MA10 (159.361) and MA20 (159.188) (opening above and closing below intraday); the long-term moving average MA200 (158.488) sits right around current prices, with the direction awaiting confirmation via its gain or loss. Key resistance sits at 159.505–159.608 (Fib 23.6%, 5-day SMA); downside support lies at 158.000–158.083 (round number, 10-day low). Intraday, after surging past 160.263, it failed to stand firm, and the breakout still awaits confirmation at close.

Precious metals markets strengthened in tandem overnight, with Gold (XAUUSD) rising 60.6 points to close at 4,389.19 per ounce, up 1.40%. In the Asian session at 03:30, it stabilized after testing down to near 4,282.51, and in the US session at 14:00, it touched up to 4,397.62, with the early-session low untested thereafter. The 4,300 mark was lost and then regained intraday, while breaking above the 4,350 mark and holding firm. Though it closed higher in trend, it has not yet reclaimed MA5 (4,444.28)—the rebound awaits confirmation. Key resistance sits at 4,449.79–4,450.00 (round number, 20-day SMA); downside support lies at 4,300.00 (round number). With prices standing above the mark and holding, bulls have the rhythm in hand; only by surpassing the previous high can new space be talked about.

Energy markets weakened on the same day, with US Crude Oil (USOIL) closing at 90.989, down slightly by 0.02%. Key resistance sits at 94.368 (60-day high); downside support lies at 89.000 (round number). The struggle for 92.000 ended with a failure to stand firm, though pattern-wise it still counts as strong consolidation; whether this line can be reclaimed will determine the direction for the next leg.

The Dow Jones (DJ30) rose 304.0 points to close at 53,112.9, up slightly by 0.58%. Immediate resistance sits at 53,248.0 (day high); key resistance at 53,496.5–53,530.3 (round number, 25-day SMA); downside support at 52,676.9–52,707.0 (previous day low, day low).

The British Pound (GBPUSD) closed at 1.34850, down slightly by 0.22%. Immediate resistance sits at 1.35182 (day high); key resistance at 1.35443–1.35500 (round number, 21-day SMA); downside support at 1.34315–1.34336 (20-day low, lower Bollinger Band).

Key Levels

• XAUUSD —— Resistance: 4,449.79–4,450.00 (round number, 20-day SMA) / 4,600.00 (round number) / 4,696.81–4,700.00 (round number, 10-day high); Support: 4,300.00 (round number) / 4,223.38–4,223.40 (20-day low, 50-day SMA) / 3,942.97 (60-day low)
• USDJPY —— Resistance: 159.505–159.608 (Fib 23.6%, 5-day SMA) / 160.193–160.323 (previous day high, upper Bollinger Band) / 162.000 (round number); Support: 158.000–158.083 (round number, 10-day low) / 156.661 (20-day low) / 155.218 (60-day low, last month low)
• DJ30 —— Resistance: 53,496.5–53,530.3 (round number, 25-day SMA) / 53,834.0–53,868.4 (10-day high, Fib 38.2%) / 54,795.0 (60-day high, last month high); Support: 52,676.9–52,707.0 (previous day low, day low) / 52,000.0 (round number) / 51,000.0 (round number)
• USOIL —— Resistance: 94.368 (60-day high) / 97.000 (round number) / 101.000 (round number); Support: 89.000 (round number) / 86.000–86.013 (round number, 10-day SMA) / 80.127 (10-day low, previous week low)
• GBPUSD —— Resistance: 1.35443–1.35500 (round number, 21-day SMA) / 1.36000 (round number) / 1.36500–1.36554 (round number, previous week high); Support: 1.34315–1.34336 (20-day low, lower Bollinger Band) / 1.34112–1.34180 (250-day SMA, 75-day SMA) / 1.31394 (60-day low)

So far this week, US Crude Oil is up 8.56%, USD/JPY is down 0.80%, Dow Jones is down 0.85%, and Gold is down 1.44%.

Gold’s trading range this week is 4,282.51–4,472.08, with the current close located in the middle area of the range.

From a medium-term structural view, Gold is currently located above its 20-week moving average (4,371.45, approximately five months) and remains above its 100-week moving average (approximately two years), with the medium-term trend not yet damaged.