Gold price today August 31: Gold reached a 3-week peak

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Gold prices are rising and reaching a 3-week high of 1935 USD/ounce after a series of lower-than-expected US economic data. ADP's national employment report for August only increased by 177,000 jobs, compared with expectations for an increase of 200,000 jobs.

According to experts, the US stock market is trending up. The sentiment of overseas traders and investors has improved, as China continues to implement measures to stimulate the economy, which are positive factors for gold prices.

Short trading plan:
Sell Gold 1953-1955 SL 1960
Plan nonfarm
Buy Gold 1933-1935 SL 1928
Sell gold 1965-1967 SL 1973

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Gold prices extended their recovery for the third consecutive session and touched the $1950 region on Wednesday. The daily increase is due to increased open interest and this suggests that additional profits will appear in the very near future. That said, the next notable target for the precious metal would be the July high of 1987 USD/troy ounce (July 20).

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Gold price (XAU/USD) finds nominal selling pressure as the Fed's preferred inflation tool turns out persistent in July. Earlier, the yellow metal was trading sideways after a rally inspired by soft labor demand due to the deteriorating economic outlook. The precious metal is expected to remain on the sidelines as investors are likely to make an informed decision after the release of US Nonfarm Payrolls (NFP) data on Friday.

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you can implement this plan to trade nonfarm. should pay attention to consider the price reaction zone around 1953-1955

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Gold prices aptly describe a lull ahead of NFP trading as bulls pause above a key support confluence while preparing for a second straight weekly gain. In doing so, XAU/USD also demonstrated market indecision about the Federal Reserve's next move.

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