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Gold continues to trade under pressure around 4,448 USD/oz after failing to reclaim the 4,480–4,500 region. On the H4 timeframe, price remains below both EMAs, suggesting that sellers still maintain control of the short-term structure.
What catches my attention is that every rebound toward 4,500–4,520 has been rejected fairly quickly. This indicates that buying interest remains limited, while the 4,440–4,425 area is becoming a critical zone where short-term demand is being tested.
The main source of pressure now comes from upcoming US labor-market data, including Non-Farm Payrolls, Unemployment Rate, and Average Hourly Earnings. If employment data remains strong, expectations for higher-for-longer interest rates may increase, creating additional headwinds for gold. Forex Factory currently highlights the June 5 NFP release as the key USD event.
Reuters also reported that gold is heading toward a weekly decline as interest-rate concerns and Middle East tensions keep investors cautious. Spot gold was recently quoted near 4,462 USD/oz during the June 5 session.
What comes next?
Overall, I favor a period of consolidation around 4,440–4,425 before a clearer recovery attempt develops. For buyers to regain control, gold needs a convincing H4 close back above 4,500.
Gold continues to trade under pressure around 4,448 USD/oz after failing to reclaim the 4,480–4,500 region. On the H4 timeframe, price remains below both EMAs, suggesting that sellers still maintain control of the short-term structure.
What catches my attention is that every rebound toward 4,500–4,520 has been rejected fairly quickly. This indicates that buying interest remains limited, while the 4,440–4,425 area is becoming a critical zone where short-term demand is being tested.
The main source of pressure now comes from upcoming US labor-market data, including Non-Farm Payrolls, Unemployment Rate, and Average Hourly Earnings. If employment data remains strong, expectations for higher-for-longer interest rates may increase, creating additional headwinds for gold. Forex Factory currently highlights the June 5 NFP release as the key USD event.
Reuters also reported that gold is heading toward a weekly decline as interest-rate concerns and Middle East tensions keep investors cautious. Spot gold was recently quoted near 4,462 USD/oz during the June 5 session.
What comes next?
- Scenario 1: If gold holds the 4,440–4,425 support zone, I expect a rebound toward 4,480–4,500. A successful move above 4,500 could open the path toward 4,520–4,560.
- Scenario 2: If an H4 candle closes below 4,425, selling pressure may accelerate toward 4,400, followed by 4,375–4,360.
Overall, I favor a period of consolidation around 4,440–4,425 before a clearer recovery attempt develops. For buyers to regain control, gold needs a convincing H4 close back above 4,500.
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Join our group and unlock real-time Forex, gold, and crypto signals — sharp insights, fast alerts, and opportunities you don’t want to miss.
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.