Gold News Analysis:

On Monday (July 1st), spot gold fluctuated slightly lower in Asian trading, currently trading at $2323.46 per ounce. Gold prices rebounded and fell on Friday, although a key US inflation report was largely in line with expectations, boosting hopes that the Fed may cut interest rates before September, but political uncertainty overshadowed this optimism, and US bond yields rose to nearly three-week highs, causing gold prices to rebound and fall, closing at around $2326.28 per ounce.

The overall fluctuation of gold prices last week was not large, with a weekly increase of about 0.2%; a monthly decrease of 0.05%, while the gold price in the second quarter increased by 4.19%, which was the third consecutive quarter of increase.

The rise in government bond yields means that the opportunity cost of holding gold increases. On this trading day, investors need to pay attention to the performance of SPGR June PMI final values in Europe and the United States, and pay attention to the US June ISM manufacturing PMI data. This week, we also need to pay attention to the US job vacancies in May, the US June ISM non-manufacturing PMI, the US June ADP employment change, the US June non-agricultural employment report, pay attention to the speeches of Fed Chairman Powell and other officials, and pay attention to geopolitical related news.

Gold Technical Analysis:

The focus of this week is undoubtedly the release of non-farm data, so the market fundamentals in the early part of the week are relatively calm overall, but there are still US economic indicators worthy of attention in the evening, such as the situation in the manufacturing industry also needs attention, of course, it is still necessary to continue to observe whether the Fed's attitude towards interest rate cuts has changed.

From the weekly chart of spot gold, although there was a rebound at a low level last week, with the gradual decline in the closing stage, it finally recorded a cross star. It is still near the short-term moving average group. If it cannot return to the support this week Above, then it cannot be ruled out that there is a risk of testing MA20. In addition, the MACD indicator is still in a dead cross state, so it is necessary to pay attention to the protection of the 2300 mark.

From the daily chart of spot gold, after barely holding the 2300 line support on Friday, the gold price successfully rebounded above 2320, but it is actually still in a range of shocks. Currently, neither the short-term moving average group nor the MACD indicator has a clear signal, which means that the long-short battle is still going on, so it is recommended to temporarily maintain the idea of selling high and buying low in operation.

Overall, the idea of short-term gold operation on Monday morning is to rebound and short, focusing on the 2345-2350 line of resistance above in the short term, and focusing on the 2320-2315 line of support below in the short term.

Gold Resistance: 2330, 2335, 2345, 2350

Gold Support: 2320, 2315, 2310, 2300

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