The precious metal remains under pressure following last week’s sharpest decline since March, a slump triggered by a robust U.S. employment report. With employers adding 172,000 jobs in May and the unemployment rate holding steady at 4.3%, the prospect of near-term rate cuts has dimmed. This backdrop leaves gold trading below its 200-day moving average, creating a technical hurdle for bulls attempting to reclaim the $4,340 resistance zone.

Market sentiment currently reflects a tug-of-war between safe-haven demand and macro headwinds. While Israel and Iran exchanged fire over the weekend, the initial market shock proved orderly rather than chaotic. Crude prices retreated from overnight peaks, and equity futures rebounded, with the S&P 500 and Nasdaq futures climbing as focus shifts toward Wednesday’s upcoming inflation data. For gold to mount a meaningful rally, it must overcome the dual weight of a firm dollar and higher Treasury yields, both of which continue to cap upside momentum.