At the end of the Asian market on Thursday (July 10), spot gold maintained its intraday rebound trend, and the current gold price is around $3,321/ounce. Against the backdrop of market volatility, fiscal concerns and the widening US deficit, investors' safe-haven demand for gold has increased significantly. The global economy faces multiple uncertainties, including geopolitical risks and unclear trade policies, which have prompted funds to flow into gold, a traditional safe-haven asset, providing support for gold prices on dips.

Although safe-haven demand has provided support for gold prices, the strong performance of the US dollar has limited the upside of gold prices to a certain extent. The US dollar index hovered near its high in more than two weeks, making gold less attractive to overseas buyers. At the same time, the US 10-year Treasury yield fell from a high of more than two weeks to 4.34%, providing some support for the rebound in gold prices.

From the daily level of spot gold, yesterday's gold price fell and rebounded to record a K-line pattern with a lower shadow. Although there is a certain support at the lower position, the MACD indicator double line has not yet issued a golden cross reversal signal, suggesting that the trend may continue to fall in the short term, and focus on the pressure effect of the upper MA20.

From the 4-hour level of spot gold, the gold price has fallen again after rebounding to the 3366 line in the past two weeks. Although the MACD indicator double line has signs of a golden cross, the downward trend is still well preserved, and there are signs of pressure in the short term, suggesting that there may still be a decline during the day, and pay attention to the counter-pressure effect of the upper 31330 position. Pressure: 3320-3330-3340 Support: 3310-3300-3290.

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.