On Thursday (August 7, Beijing time), spot gold traded around $3,370/oz. The previous trading day saw a slight decline due to profit-taking. Market expectations for a September Federal Reserve rate cut have significantly increased. The Trump administration's tariffs on countries like India and Switzerland have triggered geopolitical tensions, while concerns about the Fed's personnel changes have further exacerbated market uncertainty.

The gold market may continue to face short-term pressure from profit-taking and technical corrections, but expectations of a Fed rate cut, geopolitical risks, and a weakening US dollar provide solid long-term support for gold prices. Market bets on a September rate cut are nearly certain, and dovish statements from Fed policymakers have further reinforced this expectation. Furthermore, Trump's tariff policy and uncertainty surrounding the Fed's personnel changes will continue to provide a safe-haven premium for gold. However, if US Treasury yields continue to rise or the global economic recovery exceeds expectations, gold's upside may be limited.

Looking at the daily spot gold chart, yesterday's price dipped and rebounded, forming a long lower shadow candlestick pattern. Although the MACD indicator has once again signaled a golden cross, the upward trend is approaching the top of the range, so the potential for a rebound may be limited. We recommend a continued volatile trading strategy, with an eye on the 3250-3430 range.

Looking at the 4-hour spot gold chart, after the sharp price fluctuations the day before yesterday, yesterday's price fluctuations narrowed. While gold is currently consolidating at a high level, upward pressure remains intense, with the 3400 mark providing sustained and effective resistance. We recommend caution with aggressive bullish calls, and watch for resistance in the 3380-3390 range during the day. Resistance levels: 3380-3390-3400; support: 3370-3360-3350.

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.