On Tuesday (July 1) in the Asia-Europe session, spot gold fluctuated and rose, rising by more than 1% to $3,338.74/ounce, a three-day high, affected by the weakening of the dollar and the continued rise in uncertainty surrounding the US trade agreement. The market's expectations for the Fed's interest rate cut have further heated up, providing strong support for gold prices. This phenomenon not only reflects the uncertainty of the global economy, but also reveals the unique appeal of gold in the current market environment.

Investors are currently paying close attention to a series of labor market data to be released in the United States, especially the non-farm payrolls report on Thursday. These data will provide important references for the Fed's future monetary policy. If the labor market performs weakly, it may further strengthen expectations of interest rate cuts, thereby providing more upward momentum for gold prices. On the contrary, if the data performs strongly, it may put some pressure on the rise in gold prices. Regardless of the outcome, the volatility of the gold market is expected to continue to increase in the short term.

From the daily level of spot gold, the price of gold fluctuated and rebounded yesterday, recording a positive candlestick pattern with an obvious entity. However, although the price has rebounded, the MACD indicator double line is still in the process of dead cross operation, suggesting that the callback process may not be over yet. In addition, the current price is facing the counter-pressure of the MA10 moving average, and it is necessary to pay attention to the pressure effect of the moving average.

From the 4-hour level of spot gold, since the gold price fell from the 3451 line, the overall maximum decline has reached 196 US dollars. Although the price has rebounded in a short period of time, the oscillating decline trend has not been destroyed. Therefore, there is still a risk of turning back and falling in the future. It is recommended to pay attention to the support effect of the MA5 and MA10 moving averages during the day. The reference signal that the decline trend will continue again can be used as a reference signal that the break of the moving average will continue. Pressure: 3330-3340-3350, support: 3320-3310-3300.

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.