Citic Futures: Gold under short-term pressure, trading focus back on interest rate path.

First, the new employment and wage data are higher than expected, the unemployment rate has fallen, strengthening the narrative of the resilience of the labor market, and the market is facing an adjustment in pricing for the expected easing pace for the year. Second, the dollar and yields rebounded in sync, with expectations of real interest rates rising, directly suppressing interest-free assets. Third, before the data was released, bond yields were at a low level, with weak data expectations in the market, strong data triggering reverse hedges and profit-taking by long positions, exacerbating price volatility. Until clear signals of weakening in employment and wages appear, it is difficult to interpret rate cut trades unilaterally, and gold prices may enter a high-level oscillation and emotional phase. The medium-term still depends on the direction of real interest rates and changes in the trend of the dollar.