XAUUSD: 6/6 Today's Analysis and Strategy

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Gold prices rose more than 1% on Wednesday after weaker-than-expected U.S. private employment data reinforced expectations that the Federal Reserve will cut interest rates later this year, and U.S. Treasury yields fell. In addition, the Bank of Canada cut interest rates by 25 basis points on Wednesday, and the market expects the European Central Bank to cut interest rates on Thursday. Global central banks seem to be ushering in a "rate cut trend", and the opportunity cost of holding gold has fallen, which is expected to help gold prices open a new round of upward trend.

Despite the strengthening of the U.S. dollar, gold still rose by more than $28. Increased expectations of a rate cut by the Federal Reserve and falling U.S. Treasury yields provide upward momentum for gold prices. In addition, tensions in the Middle East have stimulated gold prices to attract safe-haven buying. The commander-in-chief of the Iranian Revolutionary Guard Corps warned on Wednesday that Israel will "pay a price" for its air strikes in Syria on Monday.

The most noteworthy economic data in the United States this week is the May NFP data released on Friday. In addition to the ECB's interest rate decision, investors also need to pay attention to the number of layoffs in challenger companies in the United States in May and the changes in the number of initial unemployment claims in the United States, and pay attention to news related to the geopolitical situation.

Gold technical analysis
Daily resistance 2370, support below 2327-2300
Four-hour resistance 2370, support below 2352-27

✅Gold operation suggestions:
From the current market trend, today's support is around 2350-2352, and the upper pressure is around 2370. Relying on this range, it is still expected to fluctuate and consolidate. 2370 is also the daily level long-short watershed. Before the daily level stabilizes at this position, there is still a short-selling opportunity. If it stabilizes at 2370, it will look towards 2400.

SELL:2370 near SL:2373
SELL:2352 near SL:2355
BUY:2315 near SL:2310

Technical analysis only provides trading direction!