Today's market analysis and strategy

Gold retreated after failing to test the all-time high of $2,531 and diving more than 0.80% late in the North American session. US economic data cast doubts on a 50 or 25-basis-point (bps) interest rate cut by the Federal Reserve (Fed) at the September meeting. The XAU/USD trades at $2,493 after hitting a high of $2,529.

The US Bureau of Labor Statistics (BLS) revealed that Nonfarm Payrolls (NFP) in August missed their estimate but improved compared to July’s downwardly revised number. Digging deep into the report, the Unemployment Rate dipped compared to the previous month, while Average Hourly Earnings rose

Gold opened at around 2495 and rose to around 2597 at the highest and around 2494 at the lowest before press time.Pay attention to the resistance of 2510-2520-2530. If it fails to break through, it will test2480-2470-2460