The Asia session on Tuesday (June 9) saw gold continue to show weakness, as the current price remained under pressure below the 200-day moving average, with the short-term trend leaning bearish. The main reason is that the non-farm payroll data for May showed an addition of 172,000 jobs, which significantly exceeded expectations and completely crushed the previously dominant "rate cut narrative," pushing the market to price in higher interest rates for a longer period: the likelihood of a rate hike in October rose to around 50%. Rising nominal/real interest rates increase the opportunity cost of holding non-yielding gold, leading to a contraction in long positions and forced liquidations, making retracements feel more like corrections rather than reversals, and the narrative won't be restored unless it stabilizes above the 200-day moving average.