Overnight ADP employment data fell significantly short of expectations, causing the US dollar and Treasury yields to retreat; this dampened expectations for Federal Reserve rate hikes and drove a sharp rise in gold prices. While progress in US-Iran negotiations has marginally eased geopolitical risks, gold purchases by global central banks provide a floor of support. Market attention is now turning to tonight's initial jobless claims and, crucially, potential volatility from Friday's Non-Farm Payrolls report; however, there is a risk of profit-taking following the recent sharp rally. Gold opened today by extending yesterday's gains, peaking at $4,304.08/oz and breaking through the $4,300 psychological level. Moving averages on the 4-hour chart are aligned bullishly, and the Bollinger Bands are widening upwards, with the price tracking the upper band; short-term bullish momentum remains strong. Watch for support at $4,250, and consider buying on pullbacks during the evening session.

【Trading Recommendations】

Long positions at 4257–4261; stop-loss at 4245; targets at 4290–4330.