Gold opened with a gap down this morning, dropping to a low of 4605. It is now fluctuating slightly around 4610. Non-farm payrolls were very strong + Trump’s speech, a double dose of bearish news hitting the market. Short-term bears are dominant, but the decline was too sharp, and oversold indicators suggest a possible rebound to recover.

Non-farm payrolls were so good that a rate cut in June is basically unlikely. The dollar and U.S. Treasury yields both rose, putting heavy pressure on gold prices. The recent Middle East news can't sustain the rally; with no data today, the market is mainly oscillating based on technicals.
In the short term, prices are bouncing between 4610 and 4600. The daily chart clearly shows a bearish trend. Breaking below 4700 and 4650, the next strong support is at 4600-4590. If that breaks, it could fall to 4550. Resistance zones are at 4660-4680.
Trading Strategy
• Hold above 4600 without breaking down, buy in batches, stop-loss at 4580, target 4660-4680.
• If rebounding to 4660-4680, sell in batches, stop-loss at 4700, target 4610-4590.