In the early Asian session on Thursday (June 5), spot gold fluctuated narrowly and is currently trading around $3,372/ounce. Gold prices rose 0.56% on Wednesday (June 4) to close at $3,372.18 per ounce, and once climbed 1% to $3,384.52/ounce during the session. The instability of the global economic environment, especially the unexpected contraction of the US service industry, sluggish employment data and the impact of the Trump administration's new tariff policy, has provided strong impetus for the rise of gold.

The US non-farm payrolls report to be released tomorrow, Friday, will imply clues to the Fed's next move. If the report shows a further slowdown in the job market, it may further push up expectations of interest rate cuts, thereby providing stronger support for gold prices. On the contrary, it may put short-term pressure on gold prices, but overall safe-haven demand is expected to remain high. At the same time, tensions between major powers, progress in EU-US trade negotiations, and rising market expectations for the Fed's rate cut have further ignited the enthusiasm of the gold market.

Yesterday, gold fell first and then rose again, showing a wide range of fluctuations. From the perspective of the gold daily line, the daily K combination forms a positive-enclosing-negative, a standard northward accumulation pattern, the stochastic indicator retreats to a golden cross, and the MACD indicator shows that the bullish force has increased. The Bollinger upper rail pressure is 3420-3430. Pay attention to the breakout and follow-up of 3400 during the day. The big positive line stabilizes, and the retreat is mainly low-multiple without continuity. The non-agricultural report data of this week will be released on Friday, and we need to guard against the possibility of a change in the market.

At the gold 4-hour level, the MACD indicator is blunted and diverged, the stochastic indicator temporarily crosses, and the head and shoulders bottom pattern is running intact. Looking at the rise of the C-5 wave during the day, the low point of gold continues to move up and stabilize and pull up. Pay attention to the moving average support of 3345 in the short term below, and the trend line is still bullish in the big cycle. In terms of points, the Asian session is expected to fluctuate and fall with the pressure of 3385-3392, and then use the moving average support as defense. Buy on dips at 3355-3350, and on the upside, short-term pressure of 3390-3395 can be seen. If it breaks, look at 3420-3430.

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.