The cooling of U.S. economic data has driven a rebound in gold prices, but the conditions for a trend-based increase are still insufficient.

Since August, international gold prices, after months of adjustment, have once again risen to high levels. COMEX gold futures prices increased by a cumulative 7.17% from August 3 to 7, marking the largest weekly gain since January of this year. Subsequently, gold prices continued to climb, reaching a peak of $4,509.1 per ounce on August 13, the highest in nearly two months, but then experienced some profit-taking. Market analysts believe that the main reasons for this round of gold rebound are the significant weakening of U.S. employment data and a further easing of inflationary pressures, which have cooled market expectations for interest rate hikes by the Federal Reserve. Additionally, the continuous accumulation of gold by global central banks has also provided supportive demand for gold prices. However, several institutions believe that gold prices are currently approaching a phase resistance area. While medium to long-term support remains solid, a further evolution from a strong rebound to a trend upward still requires confirmation of more conditions.