On Thursday (May 29), spot gold plunged nearly $50 in the Asian session, hitting a low of more than a week at $3,245.35 per ounce, as the US federal court said that Trump's Liberation Day tariffs were an act of overstepping his authority. This ruling further pushed up the US dollar exchange rate, gold was under pressure, and market concerns about the international trade situation cooled.

The ruling of the US Trade Court is the latest turn in the market uncertainty caused by Trump's radical tariff agenda. This policy has previously pushed investors to turn to gold, a traditional safe-haven asset, for protection. Although the current gold price is about $240 lower than the historical high set last month, thanks to the purchases of central banks, the price of gold has still risen by more than a quarter this year.

After consolidating on Wednesday, gold broke through the 3,280 watershed in early trading today to form a top-bottom conversion, and the previous support turned into pressure. At the daily level, the price of gold is blocked by the trend line and suppressed by the continuous decline. The MACD indicator DIFF is intertwined below the DEA line, and the bar chart is negative and gradually expands. The short-term strength is strengthened. The RSI (30.51) is close to the oversold area. The short-term correction needs to be made before the gold price accumulates power to further decline.

At the four-hour level of gold, the stochastic indicator continues to be blunted and the Bollinger Band opens downward, suggesting that there is still room for further decline. In terms of form, the prototype of the short-term head and shoulders top completes the neckline 3280 and breaks through. The theoretical measurement of the decline target points to 3220 (head and shoulders height of 60 US dollars). In the short term, pay attention to the pressure top and bottom conversion level of 3280-85 on the upper side, and pay attention to the support level of 3220 on the lower side. In terms of points, it broke through the high range and fell sharply, and the lows were constantly refreshed. The short-term trend is weak. Therefore, the Asia-Europe session can pull back to the 3265-3270 line, and look down to 3230-3220 to consider low-multiple rebound.

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.