Wednesday, June 10th, Gold Morning Outlook

International spot gold is currently fluctuating and trending downward around $4,189. Since the peak earlier this year, the decline has been significant. After the release of U.S. non-farm payroll data, gold prices accelerated into a correction phase. Technically, the daily chart broke below the long-term key moving averages, with moving averages in a bearish alignment, and the MACD showing a death cross, indicating the bullish trend has ended.
Short-term resistance is around $433, with the primary support at $4,100. If this level is broken, the price could test the $4,000 mark. Short-term rebound momentum is weak, only slightly repairing during the decline.
On the macro front, U.S. employment data far exceeded expectations, leading the market to lower expectations for rate cuts and even anticipate a possible rate hike in Q4. U.S. Treasury yields and the dollar are rising in tandem, significantly reducing gold's appeal as an asset, with ETF outflows continuing. Although central bank gold purchases and geopolitical tensions may provide long-term support, the current market favors the bears, and the trend remains weak. Future focus should be on inflation data and Federal Reserve interest rate decisions.
Trading suggestion: Wait for a pullback to around 4,120-4,150 to look for buying opportunities, with targets at 4,180. If broken, $BTC look for 4,220.