In early Asian trading on Friday (August 8), gold prices surged to $3,408.71, reaching a two-week high since July 23. Safe-haven demand was the core driver of gold's rise. Heightened global trade tensions, weak US labor market data, and growing expectations of a Federal Reserve rate cut provided strong support for gold. Geopolitical uncertainty also fueled the gold rally.

Looking ahead, three catalysts warrant close attention: potential fluctuations in policy expectations triggered by the Federal Reserve Chair nomination hearing on August 21, the specific implementation of tariff retaliatory measures by India and other countries against the US, and potential energy market volatility following the Putin-Trump meeting.

Looking at the daily spot gold chart, although gold prices briefly surged, nearing the 3,400 mark, amid growing expectations of a Fed rate cut, the lack of further positive factors led to significant pressure beginning mid-week, ultimately leading to a period of volatile corrections. This suggests a continued short-term battle between bulls and bears. Currently, the moving averages and MACD indicators offer no clear guidance, suggesting limited volatility before the weekly close.

Looking at the 4-hour spot gold chart, after a sharp rally, gold prices have been unable to accelerate their upward breakthrough. This is due to the ongoing fundamentals, which have led to a wide range of fluctuations in the short term. Therefore, it is not advisable to favor a single direction for now. The short-term moving averages have turned, and the MACD indicator is in a death cross pattern, raising concerns about the possibility of a further correction. Today's gold trading strategy is to sell near 3,395, with a defensive target at 3,402 and a target near 3,373.

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.