6.3 Wednesday Gold Morning Outlook

Today, international spot gold is fluctuating narrowly around $4,475, after a sharp decline overnight that broke below the $4,500 level. The gold price has temporarily stabilized and paused its decline during the Asia-European session, with domestic Shanghai Gold and Gold T+D also slightly weakening. Currently, the US dollar index and US Treasury yields remain high, the US economic data is strong, and the market has delayed expectations of Fed rate cuts. Coupled with rising oil prices causing inflation concerns, this continues to suppress gold prices from a medium- to long-term perspective. ETF fund reductions also put pressure on the bulls; fortunately, geopolitical tensions in the Middle East and persistent central bank gold accumulation provide bottom support, limiting deep declines in gold prices.
From a technical standpoint, short-term support is concentrated around the $4,450 level, with the first major resistance at $4,530–$4,545. During the daytime, it is likely to maintain a range-bound correction between $4,450 and $4,545. U.S. economic data tonight will dominate the market, and if the data is strong, gold may test support levels again. Any sudden geopolitical developments could trigger a short-term rebound.
Trading suggestion: Pull back to $4,450–$4,460 to buy, with a target of $4,490. If broken, $BTC look for $4,520.