Spot gold fluctuated narrowly in early Asian trading on Wednesday (August 6), currently trading around $3,382.02 per ounce. Gold prices continued their upward trend on Tuesday, hitting a near two-week high of $3,390.32 per ounce before closing at $3,380.65, marking their fourth consecutive day of gains and demonstrating strong upward momentum. This rally was driven not only by growing expectations of US interest rate cuts, but also by the Trump administration's tariff policies and Federal Reserve personnel changes. From the significant narrowing of the trade deficit to stagnant service sector activity and the uncertainty surrounding key Federal Reserve appointments, gold's appeal as a safe-haven asset is significantly increasing.

In the long term, global economic uncertainty and geopolitical risks will continue to support gold. Trump's trade policies and the direction of the Federal Reserve's monetary policy will be key variables. Investors should closely monitor expected changes in CPI data, progress in trade negotiations, Federal Reserve appointments, and speeches by Federal Reserve officials.

Looking at spot gold on a daily chart, after a strong rally at the end of last week, gold prices have not only successfully held support but also returned above the short-term moving averages. While the moving averages currently provide support, the 3350 level will be a key indicator of a top-to-bottom reversal in the future. However, the MACD indicator remains near the zero axis, suggesting a fierce battle between bulls and bears. Therefore, it is possible that this week's overall trend will continue to fluctuate.

Looking at spot gold on a 4-hour chart, with the sharp rebound below 3270, a relatively clear bottoming pattern has formed. Whether further upward movement can be achieved depends on market sentiment. The short-term moving averages are currently bullish, and the MACD indicator is accelerating its attempt to break through the zero axis. Therefore, bulls have a certain advantage in the short term. We recommend buying at the bottom, but be cautious when chasing highs. Resistance: 3382-3390-3400; Support: 3368-3360-3350.

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.