In the Asian market on Wednesday (July 2), spot gold fell moderately after yesterday's surge, and the current gold price is around $3,334/ounce. The gold market ushered in a new round of rising enthusiasm in early July 2025. The spot gold price soared by more than 1% on Tuesday, hitting the highest level since June 24 at $3,357.82/ounce, and closed at $3,338.77/ounce, rising for two consecutive trading days. This rise was not only driven by the US Senate's passage of Trump's "big and beautiful" tax cut and spending bill, but also closely related to the upcoming July 9 trade tariff suspension deadline, the discussion of the global reserve currency pattern, and the latest developments in the Federal Reserve's monetary policy.

In addition, Wednesday's ADP employment data and Thursday's non-farm payrolls report will become an important basis for investors to judge the direction of the Federal Reserve's policy. Bitop analysis said that it is expected that non-farm employment may increase by 110,000 in June, and the unemployment rate may rise slightly from 4.2% in May to 4.3%. If the employment data is weak, it may further enhance the market's expectations for interest rate cuts, thereby pushing up gold prices.

From the daily level of spot gold, since the overall gold price maintained a volatile downward rhythm last week, there is actually a relatively obvious downward trend at present, but the space is still limited. At this stage, the moving average group turns downward, which will provide pressure in the future market, and the MACD indicator is also approaching below the 0 axis, so if it cannot quickly stand firm at the 3,300 line, it is not ruled out that there will be further corrections in the short term.

From the 4-hour level of spot gold, although the gold price rebounded at the beginning of this week, due to the very obvious head shape before, the upper space cannot be further opened. At present, the short-term moving average group shows a short arrangement, but MA5 is basically in place. The pressure of MA20 needs to be focused on in the future market. In addition, whether the MACD indicator can form a golden cross at a low level is also worth referring to. In terms of operation, it is recommended to keep selling high and buying low. Pressure: 3350-3360-3370 Support: 3335-3328-3320.

Disclaimer: The article is contributed by the market analyst from Bitop market observation team. The content is solely for personal opinions and sharing. The analysis is time-sensitive and provided for reference and discussion only. It does not constitute any investment advice. The market is risky, so investing should be done cautiously.