June 3rd Afternoon Analysis

Today, gold generally remains under pressure and fluctuates sideways. U.S. economic data continues to be relatively strong, with inflation slowing down at a sluggish pace, further delaying market expectations of a Federal Reserve rate cut. The dollar index and U.S. Treasury yields remain high and stable, continuously suppressing gold price rebounds. Institutional long positions are being reduced steadily, with short-term bearish sentiment prevailing. However, geopolitical uncertainties persist, coupled with global central banks continuously buying gold on dips, providing strong support for the gold bottom. The market shows a typical range-bound pattern with limited downside in a bearish context. Focus tonight on U.S. market data for a potential breakout signal.

Gold daily chart shows a rally followed by a pullback, closing with a pressure-encountering candlestick, with prices falling below short-term moving averages, indicating weakened bullish momentum. The four-hour cycle’s highs keep shifting lower, and the MACD green bars continue to expand, maintaining a short-term weak structure. Key resistance today is concentrated in the 4496–4506 range, serving as the critical dividing line between strength and weakness; short-term support is at 4440–4450, with strong support at the 4420 level. As long as the price remains within this range, the market will continue to fluctuate sideways.

Trading Recommendations

Overall, treat the day as a weak sideways trend. For rebounds near the 4490–4500 resistance zone, prioritize shorting to play for a correction.

For dips to the 4450–4420 support zone, consider light long positions to target a rebound within the range.

In a sideways market, avoid chasing highs or panicking at lows; strictly adhere to stop-loss rules.