In the Asian market on Thursday (July 3), spot gold fell moderately after a sharp rise in the previous trading day. The current gold price is around $3,348/ounce. ADP, a U.S. human resources service agency, announced that private enterprise jobs fell by 33,000 in June, the first decline since the beginning of 2023, far below the market expectation of an increase of 98,000; the previous value was revised to an increase of 29,000. The data reflects the weakness of the U.S. job market, and the Fed's expectations of a rate cut in July have increased.

The U.S. Bureau of Labor Statistics will release the June non-farm payrolls report on this trading day, and investors will look for the latest clues related to the Fed's interest rate outlook. Bitop analysts pointed out that if the latest non-farm data is significantly lower than expected, this may trigger a sell-off of the U.S. dollar and stimulate a significant increase in gold prices.

From the daily level of spot gold, since the US market was closed yesterday due to Independence Day, the price fluctuation range of the whole day was quite effective, and a cross star K-line was recorded. Today, the gold price continued to rebound further, and the MACD indicator double line showed signs of a golden cross change, suggesting that the market trend may rebound further, but the upper pressure is close to the gathering position, and it is necessary to pay attention to whether the MA5 moving average below can provide effective support.

From the 4-hour level of spot gold, the gold price has continued to rebound after being supported at the 3256 first-line position, and has now returned to the position near 3350. The MACD indicator double line sent a golden cross signal, indicating that the current trend has entered a rebound adjustment, but since the current large-scale direction is still unclear, it is recommended to focus on short-term thinking and focus on the counter-pressure in the upper 3390-3400 range. Pressure: 3350-3360-3370 Support: 3340-3330-3320.

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.