6.12 Clear Breeze Evening Gold Analysis

This round of gold’s rebound is a technical overshoot and overreach repair. The 4230-4245 range is under pressure, suggesting a pullback.

From a fundamental perspective, the US-Iran situation remains volatile and regional conflicts have not been fully settled. Combined with rising oil prices lifting inflation expectations, it helps underpin gold’s downside. However, strong US inflation and non-farm payroll data have brought rate-hike expectations back into focus. With the dollar and US bond yields staying at elevated levels, these have become the key factors weighing on gold’s rebound.

Technically, the daily chart has printed a bottoming candle with a long lower shadow. Short-term indicators have shown some improvement, indicating a temporary pause in the selloff, but the price remains capped by the 20-day moving average. The medium- to long-term downtrend has not reversed.

Trading reference: 4230-4250 zone, target 4200-4180.