In the early Asian session on Monday (June 9), spot gold rose slightly and is currently trading around $3,317/ounce, up about 0.18%. The large-scale riots in Los Angeles, USA attracted some safe-haven buying to support gold prices.

In addition, the plunge in Tesla's stock price may trigger a sell-off of related stocks. If the volatility of the stock market rises rapidly, it may trigger safe-haven funds to flow into gold, but it is necessary to observe whether funds give priority to US bonds. The pace of the second Sino-US trade talks has been prolonged, and the market may interpret it as "lack of substantial progress". The risk aversion sentiment has risen slightly, which may provide some support for gold.

From the weekly level of spot gold, due to the sharp decline in the closing stage of the weekly line last Friday, the K-line has formed a long upper shadow cross line, which is theoretically a signal that the short side is dominant, but considering that it is still above MA5, it may not necessarily open up the space below. In addition, the MACD indicator double lines are getting closer, and the market needs to be wary of the possibility of forming a dead cross. At present, it is not ruled out that the rhythm of shocks will continue.

From the daily level of spot gold, the trend of gold prices last week was full of twists and turns. Although it once broke through the 3400 mark at the beginning of the week, it finally returned to the vicinity of the 3310 line. This exaggerated amplitude represents the uncertainty of the current market, and also means that the long and short battles are continuing. At this stage, the short-term moving average group remains in a sticky state, and the effect is very limited. The MACD indicator also tends to be parallel. Therefore, it is recommended to adjust the operation to sell high and buy low. Pressure: 3320-3330-3340 Support: 3308-3300-3290.

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.