Market Overview - The market is characterized by a constant tug-of-war between bulls and bears, with prices experiencing both strong rallies and sharp declines. The focus should be on preserving capital and developing strategies to respond to market changes [1]. Gold Market Analysis - On June 5, during the U.S. trading session, spot gold prices significantly retreated to around $3359.5 per ounce, yet the overall trend remains strong. Factors supporting gold prices include expectations of Federal Reserve rate cuts, declining U.S. Treasury yields, fiscal concerns in the U.S., and ongoing trade and geopolitical risks [4]. - The market is currently in a cautious state, with attention focused on the upcoming non-farm payroll data. Technically, gold still has short-term upward potential, and if it can effectively break through the resistance level of $3385, it may open up further upside [4]. - Global economic uncertainties, particularly unexpected contractions in the U.S. services sector, weak employment data, and the impact of new tariffs from the Trump administration, are providing strong upward momentum for gold prices. Additionally, rising tensions between major powers and developments in U.S.-EU trade negotiations are further stimulating buying interest in the gold market, increasing the likelihood of gold prices testing the critical $3400 level [4]. Technical Analysis - Gold is currently stabilizing above the daily Bollinger middle band (3355), but the Bollinger bands are not opening up, indicating limited upward space constrained by previous highs and the upper band resistance around 3405. It is advised not to be overly bullish [5]. - A breakthrough above $3400 to $3404 should be monitored for the potential formation of a bullish moving average arrangement to initiate a one-sided trend. The 4-hour cycle shows a contracting Bollinger band and non-diverging moving averages, indicating a clear upward oscillation trend. Caution is advised against chasing highs below $3400 [5]. Trading Strategies - Suggested trading strategies include going long near $3360 with a stop loss at $3352 and a target range of $3392 to $3412. Conversely, a short position can be initiated near $3412, with additional shorts at $3415 and $3417, a stop loss at $3425, and a target range of $3390 to $3380 [7].