Spot gold rose sharply in the Asian market on Monday (May 5), breaking through the $3,270/ounce mark, and rose by more than $30 during the day. Bloomberg reported on Monday that US President Trump plans to impose a 100% tariff on all films produced overseas, thereby escalating the trade war. The uncertainty of US tariffs has boosted safe-haven funds, thereby supporting gold prices.

So far this year, gold prices have soared nearly 25%, hitting a record high above $3,500/ounce in April, but have fallen back in the past few weeks. At present, the market focus has turned to the Federal Reserve's May FOMC meeting on Wednesday (May 7) (the interest rate decision and press conference will be announced in the early hours of Thursday Beijing time). Although the market has priced in a standstill, Chairman Powell's latest remarks and press questions after his hawkish statement in April will attract great attention.

From the perspective of gold in 4 hours, the low point of the market is constantly rising, and the high point is also refreshed. In the short term, the mainstream is still slag long. The attached macd technical indicator begins to show a golden cross upward. The upper suppression level focuses on the vicinity of 3273-3278, and the short-term support focuses on the support near 3235-3228. It is still not recommended to short slag in short-term trading, which is easy to fall into the trap of cyclic long.

Last Friday was also an important date for the market to turn around. If gold starts to close with a big positive line at the bottom, then this round of adjustment may also be temporarily over. On the whole, the short-term operation strategy of gold today is mainly to do more on callbacks, supplemented by high-altitude rebounds. The short-term focus on the upper side is 3270-3280 resistance, and the short-term focus on the lower side is 3220-3210 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.