In the early Asian session on Friday (July 4), gold rose and fell, and is currently trading around $3,345. The latest non-agricultural employment report released by the U.S. Bureau of Labor Statistics in June showed that the United States added 147,000 jobs, far exceeding the market's expectation of 110,000, showing strong momentum in the labor market. The strong employment data not only pushed up the dollar and U.S. bond yields, but also significantly weakened the market's expectations of the Fed's early rate cuts, which greatly reduced the attractiveness of the Fed.

The Fed's monetary policy has always been a core factor affecting gold prices. As an interest-free asset, gold is usually more attractive in a low-interest rate environment, while high interest rates will weaken its investment value. The current Fed's benchmark interest rate remains in the range of 4.25% to 4.5%, and the market originally expected that the Fed might cut interest rates in advance due to the economic slowdown. However, the strong performance of the non-agricultural data in June and the potential inflationary pressure of the Trump administration's new policy have increased the possibility that the Fed will continue to wait and see.

From the daily level of spot gold, after the rebound at the beginning of the week, the price of gold has returned to above the 3300 mark, and there is a chance to stand firm on MA20 again, but if you want to further open up the space above, you may have to break through the suppression of 3350 as soon as possible. In addition, the MACD indicator has returned to the vicinity of the 0 axis, which means that the competition between long and short positions will continue to intensify. Considering that the weekly closing is imminent, it is not ruled out that it will end with a volatile market.

From the 4-hour level of spot gold, in fact, the current gold price has a relatively obvious small U-shaped reversal, but due to the strong pressure of the previous high near 3355, it cannot break through and continue to rise. At this stage, the role of the moving average group is relatively limited. You can pay attention to whether the MACD indicator below can break through the golden cross. Considering that the US market is relatively safe tonight, it is recommended to keep selling high and buying low for the time being. Pressure: 3340-3350-3360 Support: 3325-3318-3310.

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.