In the early Asian session on Thursday (March 6), spot gold fluctuated narrowly, and the short-term gold price remained above 2900, maintaining a strong pattern. The ADP employment report showed that the growth of private employment in the United States slowed down in February, with only 77,000 jobs added, lower than the expected increase of 140,000. The ADP data was not as expected, and the US dollar index fell, supporting the rise in gold prices.

In addition, US President Trump reiterated that he would launch reciprocal tariffs on the world from April 2, and concerns about the global trade situation also supported the rise in gold prices. The market is waiting for the non-agricultural data to be released on Friday this week. If the non-agricultural data performs poorly, it will strengthen the expectation of the Fed's interest rate cut, and the gold price trend may usher in a new wave of increases due to risk aversion expectations and interest rate cut expectations.

From the daily level of spot gold, yesterday's gold price fell and rebounded to record a positive candlestick pattern with a lower shadow. The price has continued to rebound in recent times, causing the MACD indicator double lines to turn upward, but the current price is close to the historical high pressure above, and the MACD indicator double lines have not yet issued a golden cross change signal, suggesting that the correction trend may not be over yet, and it is necessary to be cautious when chasing high.

From the 4-hour level of spot gold, after the gold price rebounded to the position below 2930 in recent times, although the golden cross operation process of the MACD indicator double lines has crossed the 0 axis upward and entered the strong area, the price has not been able to rise further, and the overall performance is a shock pattern. You can continue to pay attention to the resistance at the upper 2930 position during the day. Pressure: 2930-2940-2950 Support: 2920-2910-2900.

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.