In the early Asian session on Friday (May 2), spot gold fluctuated narrowly at a low of more than two weeks, and is currently trading around $3238.89/ounce. Gold prices fell 1.5% on Thursday, hitting an intraday low of $3201.92/ounce, a new low since April 14, and closed at $3237.86/ounce. Signals of easing trade tensions suppressed gold's safe-haven buying demand, and the rise in the US dollar and US Treasury yields also suppressed gold prices.

In early April, Treasury yields soared after Trump announced higher-than-expected tariffs on trading partners, but yields fell back after he proposed to suspend most tariff increases for 90 days. The market is now focused on what kind of agreement the United States will reach with its trading partners, and when the expected tariff impact will be seen in the data.

Judging from yesterday's trend, the Asian and European sessions fell in succession, and the US session is expected to continue this decline. The layout of the US market needs to keep a close eye on the rebound range of the European market. The starting point of the European market, 3236, has become a key short position. The highest point of the afternoon rebound, 3243, is the watershed between long and short positions. As long as this point is not broken, the evening will be dominated by high-altitude. After breaking the bottom yesterday, gold has been falling all the way, and there is basically no rebound. Gold is still in a short trend now, and the rebound in the US market will continue to be short.

The 1-hour moving average of gold continues to cross downward to form a dead cross pattern, and the short space is further opened. Under the favorable data of the US market rebound yesterday, gold only rebounded to the line near 3233 and then fell directly. Gold rebounded to 3253 in the US market and continued to be short. It is light to follow the trend and messy against the trend. Gold is still in a short trend now, and the rebound is an opportunity for shorts. On the whole, the short-term operation of gold today is recommended to be short-selling on rebounds, supplemented by long positions on pullbacks. The short-term focus on the upper side is 3255-3265 resistance, and the short-term focus on the lower side is 3210-3210 support.

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.