Gold prices face a new round of selling pressure

A brief analysis of the fundamentals:

The non-farm payrolls report released on Friday (June 3) showed that the U.S. non-farm payrolls increased by 390,000 in May, beating expectations for an increase of 325,000. After the data was released, expectations for the Fed to continue raising interest rates soared, the U.S. index soared, and gold finally fell under pressure to close at $1,850.76 an ounce. In view of the fact that the market expects the Fed to raise interest rates in June and July is basically a certainty, this non-farm payroll report continues to increase the possibility of raising interest rates by 50 basis points in September, which makes the US index return to strength, and then decides that the Fed will increase more interest rates. Interesting clues are the CPI report this Friday, investors need to continue to pay attention

Spot Gold XAU 4-hour chart

A brief technical analysis:

From the 4-hour chart, spot gold slightly broke above 1867 and then fell again. The overall situation is still in a wide range of fluctuations in the box. The range is between 1836 and 1867. It is difficult to form a new round of trends before the price of gold fails to break through this range. , mainly high altitude and low altitude.

Long-short turning point: 1836

Resistance: 1858.00 1867.00

Support level: 1836.00 1820.00

Trading Strategy: Bullish above 183.600, target 1858.00 1867.00

Alternative strategy: bearish below 1836.00, target 1820.00 1810.00