Looking ahead, two major catalysts will dominate the gold trend:
1. The non-farm payroll data for August released on September 5: If it continues to be weak, it will completely "lock in" the Fed's rate cut in September.
2. Progress on global tariff conflicts: If Trump's policies lead to retaliatory tariffs, it may exacerbate the risk of economic stagflation.
The safe-haven shine of gold has never been so dazzling—when economic uncertainty, geopolitical conflicts, and policy risks overlap, this "perfect storm" is pushing gold towards a new round of historic trends.
And $3400 may just be the next starting point.
