Gold Daily | Spot Gold Dips on Strong Dollar, U.S. Jobs Data; Long-Term Bullish Trend Intact

【Latest Gold Price and Recent Trends】

Gold prices fell to a near one-week low, with spot gold dropping 0.8% to $3,309, as the strong U.S. dollar made gold more expensive for holders of other currencies. A robust U.S. jobs report dampened rate cut expectations, reversing previous gains.

【Technical Analysis】

On the daily chart, gold is retreating to a major uptrend line, with bulls likely to intervene near the trendline while bears may target the $3,120 level if it breaks. On the 4-hour chart, the non-farm payroll data marks the recent peak, with traders waiting for new catalysts. On the 1-hour chart, a secondary downtrend line limits the pullback, with bears likely pushing for new lows and bulls eyeing opportunities to break the trendline.

【Market Sentiment and Economic Background】

Strong U.S. economic data reduced the urgency for immediate rate cuts, with recent tariff announcements by President Trump adding to inflation concerns. The Fed meeting minutes due later may further clarify the rate cut path. Meanwhile, China has increased its gold reserves for the eighth consecutive month to diversify away from the U.S. dollar. Trump's aggressive trade policies and geopolitical tensions have supported gold prices as a safe haven asset.

【Analyst Opinions】

Analysts believe that gold's medium-term bullish trend remains intact, even as short-term rate cut expectations cool. Continued central bank and institutional buying, along with trade uncertainties, supports gold. The potential expiration of Trump's global tariff pause could further increase demand for safe-haven assets. The opportunity to "buy the dip" remains valid, with potential for gold to test $3,500 later this year.