Overnight gold prices experienced a critical turning point, with ADP employment data serving as the catalyst for market movement. Before the data release, short-term funds exited at the 4500 resistance level, and combined with market caution, the gold price temporarily fell to 4423.49; however, when the ADP data came in below expectations and signaled positive news, short sellers began to cut losses, and long positions entered the market, jointly pushing the gold price higher.

From a macro perspective, several factors continue to support gold: the Fed's rate cut cycle in 2026, the long-term depreciation expectation of the US dollar, inflation hedging demand, and safe-haven buying due to geopolitical risks. The positive ADP data further alleviated concerns about overheating US employment, laying a solid foundation for medium- and long-term gains in gold prices.

Technically, after probing the bottom at 4423.49 yesterday, a rapid rebound occurred. Although the short-term support at 4441 was touched, the 4400 integer level held firmly, and the closing price remained above 4450—indicating strong buying support below. On the daily chart, the 90-day moving average forms resistance above, while the 7-day moving average provides immediate support; with the positive ADP data fulfilled, the battle around the 4500 level has clearly strengthened the bullish momentum.

Today's trading strategy is "range-bound fluctuation, mainly buying on dips," with adjustments based on the latest market conditions at key levels:

**Strategy 1**: When the gold price rebounds to the 4470-4475 range, consider small short positions with a stop loss at 4480, targeting a decline to 4460-4455.

**Strategy 2**: After a pullback to 4440-4445 and stabilization, consider small long positions with a stop loss at 4435, aiming for targets of 4465-4470.