LOOK AHEAD: UK Timeline of Key Events (Times BST)
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GOLD TECHS: Fresh All-Time High
- RES 4: $3600.0 - Round number resistance
- RES 3: $3547.9 - 1.764 proj of the Feb 28 - Apr 3 - Apr 7 price swing
- RES 2: $3539.7 - 2.00 proj of the Dec 30 ’24 - Apr 3 - 7 price swing
- RES 1: $3508.7 - Intraday high
- PRICE: $3495.8 @ 06:19 BST Sep 2
- SUP 1: $3437.1 - Low Sep 1
- SUP 2: $3381.8 - 20-day EMA
- SUP 3: $3353.8 - 50-day EMA
- SUP 4: $3311.6 - Low Aug 20
Gold is trading sharply higher this week as the metal extends its bull cycle. Today’s gains have resulted in breach of key resistance at $3500.1, the Apr 22 high, and delivered a fresh all-time high. This confirms a resumption of the primary uptrend and an extension of the sequence of higher highs and higher lows. The next objective is $3547.9, a Fibonacci projection. Initial firm support to watch lies at $3381.8, the 20-day EMA.
LOOK AHEAD: Eurozone Timeline of Key Events (Times BST)
| Date | Time | Country | Event |
| 02-Sep | 1000 | IT | PPI |
| 02-Sep | 1000 | EU | EZ HICP Flash |
| 02-Sep | 1230 | EU | ECB Elderson and Machado Panel at ECB Legal Conference |
| 03-Sep | 0815 | ES | S&P Global Services / Composite PMI (f) |
| 03-Sep | 0830 | EU | ECB Lagarde Speaks at ESRB Conference |
| 03-Sep | 0845 | IT | S&P Global Services / Composite PMI (f) |
| 03-Sep | 0850 | FR | S&P Global Services / Composite PMI (f) |
| 03-Sep | 0855 | DE | S&P Global Services / Composite PMI (f) |
| 03-Sep | 0900 | EU | S&P Global Services / Composite PMI (f) |
| 03-Sep | 1000 | EU | EZ PPI |
| 04-Sep | 0830 | EU | S&P Global Final Eurozone Construction PMI |
| 04-Sep | 1000 | EU | EZ Retail Sales |
| 04-Sep | 1030 | EU | ECB Cipollone at Digital Euro Hearing, EU Parliament |
| 05-Sep | 0700 | DE | Manufacturing Orders |
| 05-Sep | 0745 | FR | Foreign Trade |
| 05-Sep | 0900 | IT | Retail Sales |
| 05-Sep | 1000 | EU | EZ GDP 3rd (Regular) / Employment |
| 08-Sep | 0700 | DE | Trade Balance / Industrial Production |
OIL: Crude Continues Higher As Upcoming OPEC Meeting & US Payrolls In Focus
Oil prices have continued the rally started on Monday. WTI is up 1.4% to $64.90/bbl after reaching $65.10. Brent is 0.4% higher at $68.42/bbl after a peak of $68.58, remaining below resistance at $69.06. The prospect of a near-term easing in sanctions on Russia has faded with the US and EU now looking at extending them after attacks on Ukrainian cities have intensified. The USD index is up 0.1%.
- With the oil market expected to post a substantial surplus in 2026, supply developments are being watched closely.
- OPEC meets on September 7 to decide its October production target. There are still 1.65mbd of previous voluntary output cuts that could be unwound but analysts believe the group will hold production stable.
- Demand also remains in focus with concerns regarding the impact from increased US tariffs but the prospect of Fed easing is calming concerns. Friday’s August US payroll data will be key.
- Later the ECB’s Elderson and Machado appear. US August manufacturing PMI/ISM, July construction, euro area August CPI and July French budget data print.
