Gold prices currently have an interesting technical structure. Looking below, 4405-4400 is the first support level, followed by the dense zones at 4375, 4365, and 4350—these are areas with repeated historical tug-of-war. Trading strategies near these supports can consider going long.

Above, resistance levels are also divided into several tiers. 4475-4480 is the first resistance, then higher up are 4490-4500, with the strongest resistance zone at 4520-4530.

Yesterday’s decline doesn’t need over-interpretation. Although it looks like a sharp drop in gold prices, fundamentally it was just price adjustment before data releases combined with reduced liquidity—the market was hedging against uncertainty from evening data, ultimately a concentrated expression of sentiment and stop-loss liquidations.

The real turning point came from last night’s ADP non-farm employment data. What does it mean to be below expectations? It indicates that US employment is still decent but the growth rate is indeed cooling down. Employment cooling → continued easing expectations from the Federal Reserve → potential decline in interest rate expectations. This logical chain is genuinely bullish for gold. The market also rebounded as expected from the low levels, so the trading approach should still focus on steady low-buy strategies.

Currently, the 4425-4430 level is the emotional low point after yesterday’s panic sell-off. As long as the price doesn’t effectively break below this and continues to trade above it, it indicates that the bears are losing strength. So, the main idea remains to buy low and sell high on rallies.

The operational suggestion is to wait for the price to retest and stabilize at 4425-4430, then lightly add long positions again, with the first target at 4465, followed by monitoring the 4485-4500 zone. Don’t chase after a rally; wait for a pullback to re-enter. Conversely, if the price unexpectedly breaks below 4420 and continues to weaken, it indicates the market wants to delay digesting this bullish move. In that case, intra-day long positions should be completely paused, waiting for new structural signals before taking action.