In the early Asian session on Friday (July 18), spot gold was trading around $3,341/ounce. Gold prices fell slightly on Thursday, affected by the strengthening of the US dollar and strong US economic data. At the same time, tariff inflation concerns provided invisible buying for gold.

The number of initial jobless claims in the United States fell last week, suggesting that employment growth in July was stable, and retail sales data in June was stronger than expected, up 0.6%, although some of the increase may reflect tariff-driven price increases. The impact of tariffs is gradually weakening, or lower than the market's original expectations, so the US dollar index is also supported, but tariffs and some changes in the Federal Reserve may have a certain impact on the market, so the current market performance is relatively cautious.

Last trading day, gold fell back in the early trading and rebounded to around 3343, then fell back under pressure. During the European trading session, it rebounded slightly near 3324. As the data was released, the US market accelerated downward and once touched the 3309 line. Once it fell below, it would return to the downward channel. Otherwise, there would be repeated fluctuations. After the rebound and stabilization on the last trading day, it rebounded in the evening, with the highest rebound of 3343. This position is also the focus of attention before the European trading session.

In summary, the operation suggestions for gold today: short at 3342/44, defend 3350, look at around 3326/3320, and look at around 3310 if it breaks.

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.