Report Summary 1) Report Industry Investment Rating No relevant information provided. 2) Core Viewpoints - LME lead inventory reduction supports lead prices [1] - The US ISM services PMI shows signs of weakness with high price indices, and investors are worried about stagflation risks affecting the Fed's policy path and dampening rate - cut expectations [2] 3) Summary by Related Catalogs Fundamental Tracking - **Price**: The closing price of the Shanghai lead main contract was 16,855 yuan/ton, up 0.48%; the LME 3M electronic lead contract closed at 1,975.5 dollars/ton, up 0.61% [1] - **Volume**: The trading volume of the Shanghai lead main contract was 48,645 lots, an increase of 8,512 lots; the LME lead trading volume was 6,919 lots, a decrease of 97 lots [1] - **Open Interest**: The open interest of the Shanghai lead main contract was 65,019 lots, a decrease of 7,064 lots; the LME lead open interest was 150,024 lots, an increase of 584 lots [1] - **Premium and Discount**: The premium of Shanghai 1 lead was - 40 yuan/ton, up 10 yuan/ton; the LME CASH - 3M premium was - 41.92 dollars/ton, down 3.42 dollars/ton [1] - **Import and Export Profits and Losses**: The spot import profit and loss of lead ingots was - 515.14 yuan/ton, a decrease of 110.13 yuan/ton; the import profit and loss of the continuous third - month Shanghai lead contract was - 544.72 yuan/ton, a decrease of 60.84 yuan/ton [1] - **Inventory**: The Shanghai lead futures inventory was 58,656 tons, unchanged; the LME lead inventory was 268,600 tons, a decrease of 4,375 tons; the LME lead cancelled warrants were 66,900 tons, a decrease of 4,375 tons [1] - **Recycled Lead**: The price of recycled refined lead was 16,750 yuan/ton, up 150 yuan/ton; the comprehensive profit and loss of recycled lead was - 399 yuan/ton, up 155 yuan/ton [1] News - Trump will decide on new Fed governors this week, can select the Fed chair through vacant governor positions, and rules out Treasury Secretary Bessent as a candidate for Fed chair [2] - The US ISM services PMI shows weakness and high price indices, causing investors to worry about stagflation risks and affecting the Fed's policy path and rate - cut expectations [2] Lead Trend Intensity The lead trend intensity is 0, indicating a neutral state [2]

Group 1: Earnings Reports Impact - Several technology stocks experienced significant declines in after-hours trading, with Supermicro falling over 16%, Snap dropping over 14%, and AMD decreasing over 6% due to disappointing earnings reports [1][2] - Supermicro's Q4 FY2025 net sales were $5.76 billion, below analyst expectations of $6.01 billion, with a gross margin of 9.6%, lower than the anticipated 10% [2] - Snap reported Q2 sales of $1.345 billion, slightly below the expected $1.35 billion, and a net loss of $262.6 million, compared to a loss of $248.6 million in the same period last year [3] - AMD's Q2 revenue grew 32% year-over-year to $7.7 billion, exceeding expectations, but adjusted EPS was $0.48, below the forecast of $0.49 [3][4] Group 2: Market Reactions and Economic Indicators - The overall U.S. stock market saw a decline, with the Dow Jones down 0.14%, S&P 500 down 0.49%, and Nasdaq down 0.65%, with over 4,700 stocks falling [5] - The ISM services PMI for July was reported at 50.1, below the expected 51.5, indicating near stagnation in service sector growth [7] - The employment sub-index fell to 46.4, the lowest since the pandemic, indicating increased layoff pressures, while the prices index rose to 69.9, suggesting rising inflationary pressures [8] - Recent tariff announcements by President Trump, including a potential 250% tariff on imported drugs and upcoming tariffs on semiconductors, have negatively impacted market sentiment [8]

Group 1: Employment Data Insights - The U.S. added 147,000 non-farm jobs in June, with the unemployment rate stable at 4.1% and a moderate wage growth recovery [1] - The education sector contributed 40,000 jobs, while healthcare added 39,000 positions; however, the federal government cut 7,000 jobs, and key sectors like manufacturing and retail showed no significant growth [1] - ADP's small business employment data unexpectedly declined by 33,000 jobs, marking the first negative growth since March 2023, with the service sector experiencing its largest drop since the pandemic [1] Group 2: Market Reactions and Investment Challenges - The divergence between official employment data and private sector performance has created uncertainty regarding the Federal Reserve's policy direction, leading to significant fluctuations in gold futures prices [1] - Historical data indicates that weaker-than-expected employment figures can lead to an average gold price increase of $7.83, while stronger figures typically result in a decrease of $5.07 [2] Group 3: Trading Solutions by Jinseng Precious Metals - Jinseng Precious Metals, a member of the Hong Kong Gold Exchange, offers a three-dimensional system combining regulatory backing, technological innovation, and intelligent risk control to provide a secure trading environment [2][7] - The company boasts millisecond-level trading response times, significantly reducing order execution delays and ensuring quick transactions even during extreme market conditions [2][3] - An intelligent risk control system utilizes AI algorithms to identify key support and resistance levels, providing proactive management of trading positions [3] Group 4: Cost Efficiency and Transparency - Jinseng Precious Metals offers a competitive spread of $0.15 per ounce for London gold, saving over 30% compared to the industry average, which can lead to substantial savings for high-frequency traders [5] - The platform implements a "zero commission" policy and an instant rebate mechanism, allowing traders to quickly adjust positions during volatile market conditions [5] Group 5: Strategic Services and Market Analysis - The company provides scenario-based services, including pre-release reports on non-farm data, combining technical and fundamental analysis to offer trading strategy recommendations [6] - An integrated smart alert system allows investors to set custom price thresholds, automatically triggering profit-taking or stop-loss orders during significant price movements [6]

Group 1 - The international gold price experienced a slight decline due to investors remaining cautious ahead of the U.S. employment data release, with daily fluctuations under $20 [1] - The U.S. dollar regained buying interest, reversing its previous decline caused by concerns over U.S. tariffs and Trump's "big and beautiful plan," which limited the upward potential for gold prices [1] - Market focus is shifting towards the upcoming U.S. ADP private sector employment data and the June non-farm payroll data, which will provide more insights into labor market conditions [3] Group 2 - The current trend for gold remains stable, with limited downside movement, and the market is still leaning towards a bullish outlook despite smaller fluctuations compared to the previous day [5] - A support level is identified around 3325, with a target range set between 3350-3355 for potential upward movement [7]

Geopolitical and Economic Context - The U.S. launched an attack on Iranian nuclear facilities, leading to retaliatory actions from Iran, escalating geopolitical tensions. However, market fatigue regarding geopolitical risks has led investors to focus more on Federal Reserve policy and economic data, resulting in gold prices not significantly rising despite the conflict escalation. The uncertainty in geopolitical situations still provides some safe-haven support for gold [2] - Recent U.S. economic data shows signs of weakness, with May retail sales dropping 0.9%, significantly worse than the expected -0.1%, and industrial production unexpectedly declining by 0.2%. This indicates weakening consumer demand and manufacturing momentum, potentially heightening concerns about the difficulty of a "soft landing" for the U.S. economy, indirectly supporting gold's safe-haven attributes [2] - Hawkish signals from the Federal Reserve pushed the U.S. dollar index to a high of 99.03 on June 19, fluctuating around 98.64 on June 23. A stronger dollar directly suppresses gold priced in dollars, with New York gold futures facing pressure around $3,380. Additionally, the two-year Treasury yield dropped 5 basis points to 3.88%, while the ten-year yield remained above 4.2%. Rising real interest rates increase the opportunity cost of holding gold, leading to short-term pressure on gold prices [2] Technical Analysis of Gold - The spot gold price opened at $3,389.87 per ounce, experiencing significant fluctuations throughout the day, closing at $3,369.04 with a small bearish candle. The daily closing price is near the moving average, indicating potential oscillation around this level, with a downward bias in price structure [5] - Hourly price movements are entangled with moving averages, showing no clear direction. Currently near the previous day's low, it is advisable to wait for the market to choose a direction before taking action. The 15-minute chart indicates a strong downward movement at the previous day's close, suggesting the likelihood of new lows, with a recommendation to sell on rallies [6] Technical Analysis of Silver - Silver opened at $35.9665, showing intraday fluctuations with a slight upward bias, closing at $36.080 with a small doji candle. The closing price is above the 20-day moving average, with multiple retests indicating stabilization, suggesting a bullish outlook and opportunities for long positions [8] - The hourly chart indicates that the pullback is nearly complete, beginning a bottoming oscillation phase, with a mixed directional outlook. It is recommended to wait for the market to establish a clear direction before taking action. The 15-minute chart shows a significant drop at the previous day's close, finding support at the bottom, and currently showing signs of a rebound, likely within a range-bound movement [8]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Through macro - fundamental and technical analysis, the report predicts the trends of various futures contracts on June 16, 2025, including股指期货,国债 futures, precious metals futures, base metals futures, energy futures, and agricultural product futures. Geopolitical conflicts and economic data are important factors affecting the market, and short - term events may provide investment opportunities [2]. - Financial总量 continues to grow reasonably, and policies are coordinated to promote economic recovery. In the stock market, short - term events may cause declines, but the long - term value of A - shares and Hong Kong stocks is recognized, with a preference for the pan - technology direction [9][26]. 3. Summary by Related Catalogs 3.1 Futures Market Forecast 3.1.1 Stock Index Futures - On June 13, 2025, major stock index futures contracts such as IF2506, IH2506, IC2506, and IM2506 showed a downward trend, with increased short - term downward pressure. On June 16, they are expected to oscillate and consolidate, with specific resistance and support levels provided. In June 2025, they are expected to be mostly in a strong - oscillation state [22][30]. 3.1.2 Treasury Bond Futures - On June 13, 2025, the ten - year and thirty - year treasury bond futures showed a slight upward trend. On June 16, the ten - year treasury bond futures are expected to oscillate and consolidate, while the thirty - year treasury bond futures are expected to be in a strong - oscillation state [49][54]. 3.1.3 Precious Metals Futures - On June 13, 2025, gold futures showed an upward trend, and silver futures showed a slight downward trend. On June 16, both are expected to be in a strong - oscillation state. In June 2025, gold is expected to have a strong wide - range oscillation, and silver is expected to be in a strong - oscillation state and may set a new high [57][65]. 3.1.4 Base Metals Futures - On June 13, 2025, the trends of base metals futures varied. Copper, zinc, and nickel showed downward trends, while aluminum, lead, and tin showed upward trends. On June 16, most are expected to be in a strong - oscillation state, except for alumina and zinc which are expected to oscillate weakly or consolidate. In June 2025, their trends also vary [68][83][96]. 3.1.5 Energy Futures - On June 13, 2025, crude oil and fuel oil futures showed significant upward trends. On June 16, crude oil is expected to be in a strong - oscillation state, and fuel oil is expected to have a strong wide - range oscillation. The conflict between Iran and Israel has a significant impact on the energy market [116][124]. 3.1.6 Agricultural Product Futures - On June 13, 2025, the trends of agricultural product futures varied. PTA and methanol showed upward trends, while PVC and soybean meal showed slight downward trends. On June 16, their trends are predicted to be different, with some expected to oscillate strongly, some to oscillate widely, and some to oscillate and consolidate [125][131]. 3.2 Macro - economic Information - President Xi Jinping will attend the Second China - Central Asia Summit. The article by General Secretary Xi Jinping will be published in Qiushi. The State Council has carried out relevant work, and the central bank has released financial data, showing that the financial support for the real economy is stable. The central bank will conduct a 400 billion yuan repurchase operation, and the RMB swap agreement with Turkey has been renewed [8][9][11]. - The conflict between Iran and Israel has intensified, affecting global markets. The US stock market, European stock market, and Middle Eastern stock market have all declined, while the prices of crude oil and precious metals have risen. The market is concerned about the impact of this conflict on the global economy and the supply of crude oil [14][29]. - The eurozone's industrial and trade sectors were significantly impacted in April, with a decline in industrial output and a sharp drop in the trade surplus. The global "super central bank week" is approaching, and the market is awaiting the interest rate decisions of central banks such as the Federal Reserve [19]. 3.3 Commodity Futures - related Information - The CSRC has announced the "Regulations on the Administration of Programmed Trading in the Futures Market (Trial)", which will be implemented on October 9, 2025. International precious metals and oil futures showed an upward trend on June 13, 2025, mainly due to geopolitical tensions. The global physical gold ETF had a net outflow in May 2025 [19][20].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Global risk preference is on the rise due to the positive progress of US trade negotiations, with the US showing good progress in tariff negotiations, such as the potential for an interim trade agreement between India and the US by the end of the month and the near - agreement on steel import tariffs between the US and Mexico. In China, May's export was slightly lower than expected, but the trade surplus was higher than expected, which boosts domestic risk preference in the short term [3]. - Different asset classes have different short - term trends: stocks are expected to be volatile in the short term, with a cautious long - position strategy; bonds are at a high level and volatile, suggesting cautious observation; commodities show different trends in sub - sectors [3]. 3. Summary by Relevant Catalogs Macro - finance - **Global and Domestic Market Conditions**: Overseas, US tariff negotiations are going well, which boosts global risk preference. In China, May's export was slightly lower than expected, but the trade surplus was higher than expected, strengthening the short - term economic pull of net exports and boosting domestic risk preference. The ongoing Sino - US economic and trade consultations may affect the market in the short term, increasing market volatility [3]. - **Asset Performance and Strategies**: Stocks are expected to be volatile in the short term, with a cautious long - position strategy; bonds are at a high level and volatile, suggesting cautious observation; in the commodity sector, black commodities are rebounding from a low level, suggesting cautious observation; non - ferrous metals are oscillating and rebounding, suggesting cautious long - positions; energy and chemical products are oscillating and rebounding, suggesting long - positions; precious metals are at a high level and volatile, suggesting long - positions [3]. Stock Index - **Market Performance**: Domestic stocks continued to decline slightly, dragged down by sectors such as semiconductors, artificial intelligence, and military industry. - **Fundamentals and Influencing Factors**: China's May export was slightly lower than expected, but the trade surplus was higher than expected, which helps boost domestic risk preference in the short term. The ongoing Sino - US economic and trade consultations may affect the market in the short term, increasing market volatility. The market's trading logic focuses on US trade policy changes and trade negotiation progress. - **Operation Strategy**: Short - term cautious long - positions [4]. Precious Metals - **Market Performance**: Gold prices fell slightly, with Shanghai gold dropping to 774 yuan/gram and Shanghai silver remaining at a high level of 8889 yuan. - **Influencing Factors**: Trade improvement boosts risk preference. Investors are waiting for more information on Sino - US consultations and focusing on the upcoming consumer price index data to judge the Fed's policy path. There are stagflation risks, and the Sino - US economic and trade consultation eases the trade situation, but negotiations between the US and other countries are ongoing. - **Operation Strategy**: Silver has a demand for technical breakthrough and catch - up growth, and the gold - silver ratio may be repaired. Gold is expected to remain at a high level and volatile. A callback - buying strategy is recommended, and attention should be paid to long - term layout opportunities after a phased callback [5]. Energy and Chemicals Crude Oil - **Market Performance**: Oil prices fell slightly as the market awaited the results of Sino - US trade talks. - **Influencing Factors**: The US Commerce Secretary said the talks were fruitful, but no agreement was announced. Some Canadian oil sands production affected by wildfires is resuming, and API data shows concerns about recent demand due to large increases in refined oil inventories despite a slight decrease in crude oil inventories. - **Trend Outlook**: Oil prices will continue to fluctuate in the near future [6][7]. Asphalt - **Market Performance**: Oil prices fell slightly, and asphalt prices remained at a high level and volatile. - **Influencing Factors**: Demand has recovered to some extent, but the recovery is limited. The basis in major consumption areas has declined significantly, and the market structure has weakened following the spot market. After profit recovery, production has increased, and inventory depletion has stagnated. - **Trend Outlook**: In the short term, it will continue to fluctuate at a high level following crude oil [7]. PX - **Market Performance**: PX prices are in a weak and volatile short - term pattern, with the external market price dropping to 817 US dollars and the PXN spread dropping to 257 US dollars. - **Influencing Factors**: PTA's recent increase in production has led to higher future demand for PX, and there are still many domestic maintenance plans from June to July, so the supply is expected to be tight. However, the recent decline in PTA prices has led to a decline in the external PX market. - **Trend Outlook**: It will maintain a weak and volatile pattern in the short term [7]. PTA - **Market Performance**: PTA's basis remains high, and the monthly spread has declined slightly. There is a high probability of a slight inventory accumulation pattern starting in June, and after the June contract delivery, the tight supply in the circulation link may ease, and both the structure and price may decline. - **Influencing Factors**: In recent days, the polyester market's logic is mainly related to the cost side, with a high degree of resonance with crude oil and limited self - driving factors. - **Trend Outlook**: It will mainly maintain a weak and volatile pattern [7]. Ethylene Glycol - **Market Performance**: The visible inventory of ethylene glycol remains above 650,000 tons, and inventory depletion is limited. - **Influencing Factors**: There are still many expectations for the return of syngas plants, and the supply side is putting pressure on the market. Downstream production has decreased due to production cuts, and the inventory depletion rate may decrease marginally. - **Trend Outlook**: It may maintain a volatile pattern in the near future [8]. Short - fiber - **Market Performance**: Short - fiber prices are in a weak and volatile pattern. - **Influencing Factors**: The recovery of terminal orders is significantly slower than expected, and short - fiber prices have weakened. Downstream production is expected to decrease in the short term, and short - term orders are still weak, leading to an increase in inventory. - **Trend Outlook**: It will continue to be weak and volatile in the short term [8]. Methanol - **Market Performance**: The port methanol market price is oscillating and rising, and the basis has increased. The inland and port inventories are rising simultaneously. - **Influencing Factors**: Due to the "ship age limit" event, the expected import volume is decreasing, and the port inventory accumulation process is expected to slow down. Inland plant production is gradually increasing, and the supply is abundant, while the downstream demand is generally good. - **Trend Outlook**: It is expected to oscillate and repair in the short term, but the price may decline in the long term [9]. PP - **Market Performance**: The domestic PP market is oscillating narrowly, and the futures price has slightly recovered with other energy - chemical products, but the space is limited. - **Influencing Factors**: PP production is increasing both year - on - year and month - on - month, with new production capacity being put into operation. Downstream production has slightly decreased, and inventory has increased significantly after the holiday, with high finished - product inventory, and the fundamentals are deteriorating. - **Trend Outlook**: The price will be under pressure and move downward in the long term [10]. LLDPE - **Market Performance**: The polyethylene market price has been adjusted, with prices rising in different regions. - **Influencing Factors**: The import windows for some LD and HD varieties are open, but there are not many import offers. The proportion of linear film production is the highest, and plant production is gradually resuming, while downstream production has slightly decreased, and inventory has increased to a neutral level. The expected new production capacity is suppressing prices. - **Trend Outlook**: The rebound space is limited, and attention should be paid to medium - and long - term short - selling opportunities [11][12]. Non - ferrous Metals Copper - **Market Performance**: The market is waiting for the results of Sino - US negotiations in London, and copper prices are expected to be volatile in the short term. - **Influencing Factors**: The copper ore supply is relatively tight, the copper concentrate TC has slightly increased, and the port inventory of copper concentrate is at a high level. Electrolytic copper production is at a high level, and there is no strong motivation for production cuts. The peak demand season is approaching its end, and there are risks of a marginal decline in demand. - **Trend Outlook**: It will be volatile in the short term [13]. Aluminum - **Market Performance**: Aluminum ingot inventories have continued to decline significantly, but the market's expectations are weak. - **Influencing Factors**: The subsidy funds for home appliances in Zhengzhou have been used up, and the demand side may weaken marginally under the high - supply background, and inventory depletion may slow down or even turn into inventory accumulation. - **Trend Outlook**: No clear short - term trend is mentioned, but there are concerns about future inventory changes [13]. Tin - **Market Performance**: Tin prices have rebounded, and there is potential for further short - term price repair. - **Influencing Factors**: The domestic tin ore supply is tight, processing fees have decreased, and the combined operating rate in Yunnan and Jiangxi has declined. The resumption of production in Myanmar's Wa State may be delayed, and Thailand has suspended tin ore transportation from Myanmar. The demand side has mixed trends, with some products maintaining high growth and others weakening, and it is entering the seasonal off - season. - **Trend Outlook**: The price may continue to repair in the short term, but the upside space is limited due to high - tariff risks, resumption of production expectations, and marginal demand decline [14]. Agricultural Products US Soybeans - **Market Performance**: The overnight CBOT 11 - month soybean contract closed at 1031.25, up 0.50 or 0.05%. - **Influencing Factors**: The weather conditions in US soybean - producing areas are good, the sowing progress is fast, and the production situation is stable for now. In South America, Brazil's soybean premium is still strong, and Argentina's soybean harvest is 91%, with the production volume adjusted down to 48.5 million tons. The USDA's June supply - demand report may have a neutral impact on the market, and the focus is on the end - of - month US soybean planting area forecast report. - **Trend Outlook**: The market expects an increase in US soybean planting area compared to previous expectations [15]. Soybean and Rapeseed Meal - **Market Performance**: The national dynamic full - sample oil mill operating rate increased by 1.49% to 65.03% compared to the previous day. - **Influencing Factors**: The soybean meal basis is low, and inventory repair is ongoing. The lack of upward momentum in US soybeans also means that soybean meal lacks stable upward support. For rapeseed meal, the inventory depletion in ports is slow, the Sino - Canadian trade relationship is expected to improve, and downstream demand is cautious due to the higher cost - performance of soybean meal. - **Trend Outlook**: No clear short - term trend is mentioned [16]. Corn - **Market Performance**: The short - term port inventory pressure is not large, and the price is stable. - **Influencing Factors**: The price difference between Shandong and North Ports/South Ports and North Ports is high, and the North Port's shipping volume is large, with rapid inventory depletion. The inventory of North China's deep - processing enterprises is at the end - of - year level, and the replenishment demand is strong. The proportion of wheat used for feed is increasing in most regions except for wheat - producing and consuming areas. - **Trend Outlook**: In the medium term, if the price difference between Brazilian and domestic corn narrows as expected, the price of old - crop corn is likely to rise [17]. Palm Oil - **Market Performance**: In May, Malaysia's palm oil production, import, export, and ending inventory all increased. In June, Malaysia's palm oil exports continued to improve, and the price remained stable within a certain range. - **Influencing Factors**: The improvement in exports and the strength of external crude oil and oils support palm oil prices. - **Trend Outlook**: It will remain stable within a certain range [18]. Pork - **Market Performance**: After the Dragon Boat Festival, the slaughter volume decreased, but the order volume has increased recently. The spot price has stabilized after a decline. - **Influencing Factors**: Consumption is weak in summer, and the supply is increasing as large - scale farms plan to increase the slaughter volume in June, and the average slaughter weight is decreasing. The "reserve purchase" information has boosted the farmers' reluctance to sell, and the second - fattening enthusiasm has increased, which has helped stabilize the spot price. - **Trend Outlook**: The futures and spot markets are under pressure in the short term, but the spot price has shown signs of stabilization [18].

Group 1 - US stock market experienced a third consecutive day of gains, with the S&P 500 index reaching a new high not seen in at least three months, driven by optimism surrounding international trade negotiations [1] - Tesla led the technology sector's rise, with its stock increasing by over 5%, while Intel saw its largest single-day gain since April 9, rising nearly 8% [1] - The World Bank downgraded its global economic growth forecast for 2025 by 0.4 percentage points to 2.3%, citing higher tariffs and policy uncertainties as significant obstacles to the global economy [5] Group 2 - The Nasdaq Golden Dragon China Index saw mixed performance, with NIO rising over 5% and iQIYI and New Oriental both increasing by more than 2%, while Tencent Music fell by nearly 1% [2] - Circle, a stablecoin company, experienced a drop of over 8%, reversing some of its recent gains after a cumulative increase of over 270% in the previous three trading days [3] - McDonald's faced its seventh consecutive day of decline, marking the longest losing streak since 2013, while 10 out of 11 sectors in the S&P 500 index saw gains, with the energy sector performing the best [4]

Core Insights - The May non-farm payroll report from the U.S. Department of Labor indicates a resilient labor market, with 139,000 new jobs added, surpassing the market expectation of 126,000 [2] - However, significant downward revisions to previous months' data, with a total adjustment of 95,000 jobs, suggest that the actual momentum in the labor market may not be as strong as it appears [2] - The unemployment rate remained stable at 4.2%, reflecting labor market stability [2] - Average hourly earnings increased by 0.4% month-over-month and 3.9% year-over-year, indicating an improvement in consumers' purchasing power [2] Industry Performance - The healthcare, leisure and hospitality, and social assistance sectors were the main contributors to job growth, adding 126,000 new positions [2] - Conversely, manufacturing, retail, and federal government employment experienced declines, with federal government jobs decreasing by 22,000 [2] - The downturn in manufacturing and retail may be linked to uncertainties surrounding trade policies [2] Market Reaction - Following the non-farm data release, U.S. stock markets reacted positively, with the S&P 500 rising by 1.5% and the Nasdaq increasing by 2.2%, reaching a new high for the year [3] - The dollar index initially rose but recorded a decline over the week due to previous weak ADP data [3] - Interest rate expectations shifted, with the market now anticipating a 25 basis point cut in both November and December, rather than a larger cut [3] Economic Outlook - The non-farm data presents mixed signals, with strong job additions and wage growth supporting consumer spending, while the downward revisions and manufacturing decline raise concerns about investment and expansion [4] - The Federal Reserve is expected to maintain a cautious stance, likely holding rates steady in September while awaiting further data [4] - Future focus will be on inflation data and the Federal Reserve's policy direction, particularly the upcoming CPI report on June 11 and the interest rate decision on June 19 [5][6]

Core Viewpoint - The gold market is experiencing a rebound, with prices reaching $3370.50 per ounce, driven by anticipation of the upcoming U.S. non-farm payroll report, which could significantly influence gold's recent trading pattern [1][3] Group 1: Economic Indicators - The U.S. labor market shows signs of cooling, with May non-farm payrolls expected to add 130,000 jobs, a slowdown from April's 177,000 [3] - Initial jobless claims have risen for the second consecutive week, indicating potential inflationary pressures from tariff policies [3] Group 2: Federal Reserve Policy - There is a divergence in market expectations regarding Federal Reserve policy, with President Trump advocating for rate cuts to address economic slowdown, while Fed Chair Powell and FOMC members maintain a "data-dependent" approach [3] Group 3: Technical Analysis - Gold prices have shown signs of weakening momentum, with a recent drop below the 5-day moving average, indicating potential for further declines if the support level at $3333 per ounce is breached [3] - If non-farm data disappoints, gold may struggle to reclaim the 5-day moving average, while a positive report could push prices towards the previous high of $3400 [3] Group 4: Market Sentiment - There is a subtle change in the negative correlation between gold and the U.S. dollar, as gold prices have not declined despite a significant rebound in the S&P 500 index, suggesting ongoing concerns about geopolitical risks and long-term inflation [3]