Gold’s Bullish Structure Holds Despite Volatility After Weak U.S. Jobs Data

Gold traded near $3,373 per ounce on June 6, 2025, after a volatile 24 hours marked by a sharp rally and an equally swift drop. The metal surged to $3,402 following the release of disappointing U.S. jobs data, then plunged to $3,330 before recovering.

This price action reflected heightened sensitivity to macroeconomic signals and technical levels. The U.S. private sector added only 37,000 jobs in May, the lowest in over two years.

This miss, confirmed by official ADP figures, immediately drove expectations for a Federal Reserve rate cut. Treasury yields fell and the dollar weakened as traders adjusted to the new outlook.

The ISM Services PMI also slipped below 50, signaling contraction in the largest sector of the U.S. economy. Gold’s technical picture on the daily chart remains bullish. The price sits well above the 200-, 50-, 20-, and 9-day moving averages, and holds above the Ichimoku cloud.

These indicators, commonly used by traders, confirm a strong uptrend. The Relative Strength Index (RSI) stands in neutral territory, suggesting neither overbought nor oversold conditions.

The Moving Average Convergence Divergence (MACD) remains positive, supporting the bullish case. Bollinger Bands have widened, showing increased volatility, but price action remains in the upper half of the band.

The 4-hour chart, as shown in the attached TradingView image, reveals gold above the 50- and 200-period moving averages and the Ichimoku cloud, but below the 9- and 20-period averages.

The RSI hovers at 53, and the MACD histogram has turned slightly negative, indicating a pause in momentum. These signals suggest the market is consolidating after the sharp moves, but the broader trend remains intact.

ETF flows turned negative in May, with $1.8 billion in outflows, especially from North America and Asia. Some investors rotated into equities after the initial rate cut optimism.

However, physical demand and central bank purchases remain strong, providing a floor for prices. Support stands at $3,345, with resistance at $3,367 and $3,380. A break above resistance could trigger another rally, while a drop below support may prompt further selling.

The market’s reaction to weak U.S. jobs data and the technical setup both highlight gold’s appeal as a hedge in uncertain times. The bullish structure remains, but traders should expect continued volatility as macroeconomic and technical factors collide.

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