In the early Asian session on Wednesday (April 30), spot gold fluctuated narrowly and is currently trading around $3315.16/ounce. On Tuesday, gold prices fell 0.8% to $3317.06/ounce. Trump signed an executive order on Tuesday to reduce the impact of tariffs by providing tax credits to automakers. This policy shift was immediate: the US dollar index rose 0.3% to 99.22, while gold fluctuated and was under pressure to below 3220. U.S. Commerce Secretary Lutnick even revealed that a foreign trade agreement had been reached in secret, further alleviating market anxiety.

This trading day will usher in the first quarter GDP data of the United States and the PCE data for March. This asset price reshuffle caused by the policy shift is pulling the market focus back to the Fed's policy direction and economic fundamentals.

On Monday, the US dollar index fell 0.7% to 98.91, the lowest closing price in nearly four trading days. So far in April, the dollar index has fallen 4.89%. As Trump has shaken people's confidence in the reliability of US assets, the dollar is set to record its biggest monthly decline since July last year. The dollar fell across the board on Monday, which also provided support for gold prices. Investors cautiously awaited further news on US trade policy and prepared for a week of intensive economic data, which may initially indicate whether US President Trump's trade war is having an impact.

From the daily level of spot gold, the fluctuation range of gold prices this week is actually not large, so the market is currently waiting for a series of economic data in the US market tonight, so the rhythm will undoubtedly be more cautious. The overall fluctuation is around the 3300 mark. At this stage, MA20 is moving further up and will become a key support watershed in the future market. If it is lost, it is not ruled out that it will retreat deeply to the 3200 line.

From the 4-hour level of spot gold, after a rapid decline from last week's high, the current gold price has gradually entered a wide range of fluctuations. Now we need to focus on the 3300-3050 platform. Once it breaks through, it may open up short-term operating space. At this stage, the moving average group is basically in a sticky state, and the MACD indicator is also near the 0 axis. Therefore, the competition between long and short positions is likely to be maintained before the release of evening data. In terms of operation, it is recommended to keep selling high and buying low. Pressure: 3328-3335-3350 Support: 3312-3300-3290.

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.