In the early Asian session on Wednesday (July 9), the price fluctuated narrowly and is currently trading around $3,302/ounce. This decline is not caused by a single factor, but by the combined effects of optimism in trade negotiations, a stronger dollar, rising U.S. Treasury yields, and the complex impact of Trump's tariff policy. The minutes of the Federal Reserve meeting will also be released on this trading day, and investors need to pay close attention.

On Tuesday, the U.S. dollar index rose 0.3% to 97.83 at one point. Although it fell slightly in the late trading, its strength still puts pressure on gold. The rise of the U.S. dollar is closely related to market expectations for the U.S. economy and monetary policy. Trump's tariff policy may push up inflation, prompting investors to reassess the Fed's path to rate cuts, and the recent strong June employment report has also reduced the market's bets on an immediate rate cut. Against the backdrop of a strong dollar, the attractiveness of gold has further declined, becoming one of the important reasons for the gold price to hit a new low in a week.

From the daily level of spot gold, after the market reopened at the beginning of the week, the price of gold was still obviously affected by the non-agricultural data last week and fell. In addition, the cooling of the geopolitical situation also made gold fall under pressure in the short term. However, the competition for the 3300 mark is believed to continue. At present, the moving average group is still in the adhesion stage and basically cannot provide clear signals. The MACD indicator is also near the 0 axis, so it is not ruled out that the rhythm of shock will continue.

From the 4-hour level of spot gold, with the decline of the big negative line on Monday, the price of gold directly lost the previous key support of 3320, which made the short-term moving average group quickly turn around and exert pressure downward, and a short position arrangement has also been formed. In addition, the MACD indicator below is also trying to break through the 0 axis, so the short side has a certain advantage in the rhythm, but considering that the long-term trend has not changed, it is still recommended to keep selling high and buying low. Pressure: 3310-3320-3330 Support: 3295-3285-3270.

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.