On Friday (August 1, Beijing time), spot gold traded around $3,291.40 per ounce. Gold prices rose on Thursday as uncertainty over tariffs persisted, prompting traders to turn to safe-haven assets ahead of the August 1 deadline set by US President Trump to conclude negotiations. Trump announced a series of tariffs on Wednesday, including additional duties on imports from Brazil and South Korea.

US inflation rose in June as import tariffs began to push up the cost of some goods. The Personal Consumption Expenditures (PCE) price index rose 0.3% month-over-month in June, after May's data was revised upward to a 0.2% increase. Meanwhile, the Federal Reserve maintained its target interest rate range at 4.25%-4.50% on Wednesday, with Chairman Powell's post-decision speech dampening hopes for a September rate cut. Investors are now awaiting Friday's US non-farm payroll data for further clues about the Fed's interest rate path.

Looking at the daily spot gold chart, following the dovish Fed rate decision midweek, gold prices have once again fallen below the support level of 3,300. However, significant internal disagreement has increased market uncertainty, limiting gold's downside potential to some extent. The moving averages are currently turning downward, and the MACD indicator remains near the 0 axis, suggesting a continuation of the fierce battle between bulls and bears.

Looking at the 4-hour spot gold chart, although gold prices hit a recent high near 3,440 last week, they failed to hold onto the gains and have instead accelerated their decline in the latter stages, forming a clear head pattern and posing the risk of further decline. However, with the release of the non-farm payroll data tonight, the market is likely to remain volatile until then. Trading strategies are recommended, with a buy-low-sell-high strategy, awaiting a directional breakthrough following the news. Resistance levels: 3,300-3,310-3,320. Support levels: 3,285-3,270-3,260.

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.