#隐私保护话题升温 Gold once again battles the 4500 level. Can the rebound momentum be maintained?

Last night, the US ADP employment data became a turning point. Before the data was released, the market hesitated around the 4500 resistance level, with short-sellers taking the opportunity to take profits. Coupled with a strong wait-and-see atmosphere, the gold price briefly fell to 4423.49. When the data came out below expectations, the situation reversed—shorts hurried to exit, and longs seized the opportunity to buy the dip, pushing the gold price back up within just a few hours.

More importantly, the macro environment remains favorable for gold. The Federal Reserve's rate cut cycle in 2026 is still ongoing, and the US dollar remains under long-term pressure, which is a major trend. Additionally, global inflation pressures have not eased, and geopolitical risks still exist, so investor demand for gold has not weakened. The soft ADP data also eased market expectations of an overheated US employment market, giving the bulls another boost.

From a technical perspective, the rebound after falling to 4423 was quite strong. Although it temporarily broke below the 4441 support, the critical defense line at 4400 held, and the price remained above 4450 at the close, with clear buying support below. On the daily chart, the 90-day moving average is still acting as resistance, while the 7-day moving average has become the current support point. The probability of a bullish reversal is now quite high.

**Trading suggestion**: Range-bound oscillation, mainly a bullish strategy. When the gold price rebounds to 4470-4475, consider light short positions with a stop loss at 4480, targeting 4460-4455; if it retraces to 4440-4445 and stabilizes, consider light long positions with a stop loss at 4435, targeting 4465-4470.