In the Asian market on Friday (March 7), spot gold maintained a mild decline during the day, and the current gold price is around $2,906/ounce. Gold prices fell slightly on Thursday. Some of Trump's tariff exemption policies and the market's expectation that the Russian-Ukrainian war is coming to an end have cooled risk aversion sentiment and promoted some longs to take profits. Spot gold once fell to around $2,891/ounce, but the US trade deficit hit a record high in January, suggesting that trade may drag down economic growth in the first quarter. The market's expectations for the Fed's rate cut in May have increased, attracting bargain-hunting buying to support gold prices. Spot gold closed at $2,910.76/ounce on Thursday, down about 0.28%.

On this trading day, investors will usher in the US non-farm payrolls report, which is expected to trigger a major market in the gold market. In addition, Fed Chairman Powell and other officials will also deliver speeches on this trading day, and investors need to pay attention.

In addition, US President Trump reiterated that he would launch equal tariffs on the world from April 2. 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 this Friday. 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, helped by the risk aversion and interest rate cut expectations.

From the daily level of spot gold, with the gradual recovery of several consecutive trading days this week, a clear bottom pattern has been formed in the technical form. After returning to the 2900 mark, the short-term moving average group successfully turned upward, which will provide strong support and protection in the future market. However, the MACD indicator is still in a dead cross state, and it will take at least until next week to have the opportunity to exert force again to get out of the golden cross signal, so it is not appropriate to be overly optimistic about the upper space before the weekly close.

From the 4-hour level of spot gold, on the eve of the release of non-agricultural data, the gold price maintained a high-level oscillation rhythm. Although the current V-shaped reversal is quite obvious, if we want to further open up the upper space, we have to return to above 2930 in the short term. Therefore, tonight's economic indicators will play a decisive role. At this stage, the moving average group and MACD indicators are both in a sticky state. Therefore, it is temporarily recommended to sell high and buy low. Pressure: 2922-2930-2940 Support: 2908-2900-2890.

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.