June 3rd Spot Gold Midnight Market Review

US ADP Surpasses Expectations Disrupts Bullish Momentum, Gold Rebounds from Lows with Hidden Opportunities for Going Long

From the news perspective, the US May ADP employment data was released at 122k, exceeding expectations of 117k, indicating stronger-than-expected resilience in the labor market, which reinforces the expectation that the Federal Reserve will delay interest rate cuts this year. The dollar and US Treasury yields strengthened, directly suppressing gold prices; the safe-haven hedge effect from the simultaneous weakness in US stocks was weak.

On the technical side, both the 30-minute and 1-hour charts show a bearish alignment, with prices breaking below all short- and medium-term moving averages. After testing the key support at 4426 and receiving buying interest, ATR indicates increased short-term volatility. The strong resistance zone is at 4460-4470.

Finally, Teacher Yanyan's trading strategy: Focus on shorting during the rebound around midnight, selling in the 4450-4460 range, with targets at 4430-4420; if the price quickly breaks below 4425 without rebounding, consider light short positions with a target at 4410. #黄金 #黄金