In the early Asian session on Wednesday (May 21), spot gold continued to rise, once refreshing its high of more than a week to $3304.06/ounce, as the uncertainty of the US tariff policy led to a further weakening of the US dollar and a decline in US stocks, and the conflict between Russia and Ukraine has not eased, still attracting safe-haven buying to support gold prices. In addition, media reports said that Israel is preparing to attack Iran's nuclear facilities, further providing safe-haven buying support for gold prices.

Since this week, the global geopolitical situation has suddenly heated up, becoming the core driving force behind the surge in gold prices. The deterioration of the situation in the Middle East is particularly eye-catching-Israel was exposed to be plotting to attack Iran's nuclear facilities, and this news instantly ignited the market's risk aversion. US intelligence shows that Israel has mobilized aviation ammunition and completed air exercises. Although the final action has not yet been finalized, the market's concerns about the escalation of the conflict cannot be calmed. If Israel really strikes Iran, it will not only completely tear apart the US-Israel relationship, but also may trigger a full-scale war in the Middle East. As a traditional safe-haven asset, gold will naturally become a "safe haven" for the crazy influx of funds.

From the daily level of spot gold, due to the jump and high opening after the reopening of the market this week, the price has successfully returned to above the 3200 mark, but it is still subject to the short-term moving average group. Therefore, if you want to further open up the rebound space, you must break through the 3250 line as soon as possible. However, the head shape is still relatively obvious at this stage, and the MACD indicator is also approaching the 0 axis line, so the rhythm of short-term fluctuations cannot be ruled out.

From the 4-hour level of spot gold, after a slight rebound at the beginning of the week, the current gold price has successfully returned to the top of the short-term moving average group, and there is a chance to form a golden cross to provide support and protection in the future. In addition, the MACD indicator is also accelerating to the 0 axis line, but considering that it is still a bearish signal at this stage, it is still necessary to pay attention to the strength of continuation. In addition, it is necessary to combine the attitude released by the Federal Reserve this week. In terms of operation, it is temporarily recommended to keep selling high and buying low. Pressure: 3285-3292-3300 Support: 3270-3260-3250.

Disclaimer: The article is contributed by the market analyst from Bitop market observation team. The content is solely for personal opinions and sharing. The analysis is time-sensitive and provided for reference and discussion only. It does not constitute any investment advice. The market is risky, so investing should be done cautiously.