In the early Asian session on Monday (June 16), spot gold continued last week's rally, once hitting a seven-week high of $3,450.93/ounce, as Israel and Iran launched a new round of attacks on each other on Sunday (June 15), exacerbating market concerns that escalating wars may trigger wider regional conflicts. Gold continues to receive support from safe-haven buying.

In addition to the geopolitical situation, this week will also usher in the test of the US retail sales monthly rate (commonly known as "terror data") and the Federal Reserve's interest rate decision. The market is generally bullish on gold prices in the coming week, while ordinary investors remain cautious due to the upcoming interest rate decision. This trading day also needs to pay attention to the US New York Fed Manufacturing Index in June and the G7 Leaders' Summit, and pay attention to China's May total retail sales of consumer goods and China's May industrial added value annual rate.

From the weekly level of spot gold, under the influence of the risk aversion caused by geopolitics, the international gold price has risen strongly and successfully broken through the 3400 mark in one fell swoop. It is currently maintaining a very strong trend. In the future, there will be opportunities to try to hit the previous historical high again. At this stage, the moving average group presents a perfect long arrangement, but the MACD indicator opening angle is not large, and we need to beware of the amplitude of the upper space.

From the daily level of spot gold, after a sharp rise last Friday, the current gold price has successfully broken through the range, which means that a long arrangement will be formed in the short term. At this stage, the moving average group begins to turn upward, which will provide certain support and protection in the future market. At the same time, the MACD indicator generates a golden cross signal above the 0 axis, so it is quite beneficial for many aspects. In terms of operation, it is recommended to keep buying on dips. Pressure: 3442-3450-3460 Support: 3425-3415-3400.

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.