Technical analysis by Henrybillion about Symbol PAXG on 6/4/2025

Mainly due to the strengthening U.S. Dollar, gold GOLD prices dropped sharply from a nearly 4-week high, falling almost $30 in a single day on Tuesday, with a slight recovery during the Asian session today, Wednesday, June 4.The Dollar Index rebounded from its lowest level in over a month, reached during early Tuesday trading, and ended the day up 0.6%, exerting moderate pressure on gold during yesterday’s session.The Job Openings and Labor Turnover Survey (JOLTS) released by the U.S. Bureau of Labor Statistics on Tuesday showed that total job vacancies in the U.S. reached 7.39 million in April, up from 7.2 million in March. Economists had forecast 7.1 million job openings for April.Gold prices (XAUUSD) fell on Tuesday as the unexpected rise in U.S. job openings boosted risk appetite and strengthened the Dollar, according to Bloomberg. The increase in job vacancies encouraged investors to believe that the U.S. economy remains resilient despite the tariff agenda pushed by President Trump.Looking ahead, U.S. labor data, including Friday’s Non-Farm Payroll (NFP) report for May, could help guide the Federal Reserve’s monetary policy, Bloomberg noted. Lower interest rates are generally favorable for non-yielding assets like gold.Gold traders will be awaiting key employment data, including the ADP report and the NFP report, to determine the Fed’s policy direction.From a technical standpoint, there have been no significant changes on the chart or in the previous analyses, so readers can refer to the earlier publication linked below.