On Friday (July 11), spot gold traded around $3,324/ounce. Gold prices did not fluctuate much on Thursday as the strengthening of the US dollar offset the impact of US President Trump's latest tariff policy, bringing buying from investors seeking to avoid geopolitical risks.

The current gold market is under the influence of multiple factors. Trump's tariff policy provides safe-haven support for gold prices, but the strength of the US dollar and the rise in US bond yields limit its upside. The complex signals from the US labor market and the Federal Reserve's cautious attitude towards interest rate cuts further add uncertainty to the trend of gold prices. In the short term, gold prices may continue to fluctuate in the current range. Unless there is a major escalation in geopolitical or trade tensions, it will be difficult to break through $3,400.

From the perspective of the daily spot gold level, the US dollar index has rebounded recently, so the international gold price has not been able to successfully hold the 3,300 mark. In addition, the current moving average group shows signs of turning downward, so the short-term trend is not particularly optimistic. At this stage, the MACD indicator also forms a dead cross below the 0 axis. At the end of the weekly line, it is not ruled out that the rhythm of shock callback will be maintained.

From the 4-hour spot gold level, after several consecutive breakthroughs, a relatively typical short-term downward trend has actually been formed, but the space is temporarily limited. At this stage, the short-term moving average group has formed a short arrangement, which will exert certain pressure in the future market, and the MACD indicator is also a short signal. Therefore, it is recommended to keep shorting on highs. Pressure: 3332-3340-3350 Support: 3320-3310-3300.

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.