Gold Morning Report | June 9

| Indicator | Data | Change |
|:---|:---:|:---|
| International Spot | **$4,326/oz** | -0.08% (24h) |
| 7-Day Change | **-3.52%** | -$157 |
| Monthly Decline | **-8.24%** | -$388 |
| Historical High Retreat | **-22.62%** | ATH $5,591 (1/29) |
| Domestic Au9999 | **950 yuan/gram** | +2.86 |
| Chow Tai Fook Gold Jewelry | **1,323 yuan/gram** | -37 |

##
1. **On 6/8, during the session it briefly fell below $4,268**, the lowest level since March 23; it rebounded to around $4,330 near the close, leaving a long lower shadow
2. **Citigroup cuts its short-term target to $4,000**; the reason: sustained pressure from high interest rates + high oil prices
3. **China’s central bank increased gold holdings by 10 tons in May**; 19 consecutive months of net buying, with the largest month-over-month increase
4. **Global gold ETFs saw a net outflow of 11 billion yuan in a week**; Huatai Gold ETF was redeemed by 2.3 billion
5. **Signals of de-escalation in the Iran conflict**: Trump says both sides intend to cease fire, and gold prices rebounded from their lows

### Resistance / Support

| Direction | Price | Basis |
|:---|:---:|:---|
| Strong Resistance | $4,500 | Prior 4-hour support turned resistance + psychological level |
| Weak Resistance | $4,380 | Upper boundary of the consolidation range |
| **Current** | **$4,326** | |
| Weak Support | $4,268 | Yesterday’s intraday low |
| Strong Support | $4,200 | Institutional consensus bottom |
| Key Support | $4,000 | Citigroup target price + key psychological level |#非农数据超预期加息预期升温

### Short- to Mid-term Strategy

**Short-term** (before the rate decision): Trade in a range of $4,200-$4,400; don’t chase rallies or try to bottom-fish. Consider going long after holding above $4,380 for three days.

**Mid-term** (looking at 6/17 FOMC):
- Dovish signals → Gold rebounds to $4,500-4,700
- Hawkish signals → Potentially tests $4,000

**Key Dates**:
- 6/11 (Wednesday) May CPI data ← the most important data this week
- 6/16-17 FOMC meeting