Today, the gold market showed a slight rally in the white session, but upward momentum weakened. Prices were pressured below the upper band of the Bollinger Bands, reaching a high of around 4715 before encountering resistance and falling back. Overall, the rebound lacked strength, and the bullish upward pace slowed down. The sign of stagnation at high levels is obvious, and the market is generally showing a high-level oscillation with a weak trend.

Tonight, the market's core focus is on the US ADP employment data. The data performance will directly influence the Federal Reserve's rate cut expectations and become a key turning point for short-term gold trends. If the employment data is positive, the Fed's rate cut expectations will further cool down, and gold will face obvious downward pressure; if the data is weak, the short-term downside may be limited, but the high-level pullback trend will remain unchanged.

From a technical chart perspective, the short-term bullish momentum in gold continues to weaken, with multiple resistance levels above. The 4713 level forms a strong resistance, repeatedly being tested without a breakthrough. The key support below is at the 4685 Bollinger middle band. Once effectively broken, the downside space will further open. Before the data release, market trading is cautious, leaning towards bearish accumulation, with a focus on the downward breakout trend after the data is released.

Trading suggestions:
A rebound around 4715–4735 can be considered,
Target levels are sequentially 4700–4650.