In the early Asian session on Tuesday (July 8), spot gold rose slightly, once rising to $3,345.71/ounce, an increase of about 0.3%. On July 7, US President Trump announced that a 25% tariff would be imposed on Japanese and South Korean imports from August 1, while high tariffs would be imposed on countries such as Malaysia, Kazakhstan, South Africa, Laos and Myanmar. This policy not only continues Trump's consistent trade protectionism, but also further expands the scope of tariff coverage, and even threatens to impose an additional 10% tariff on the BRICS group. Trump's tariff policy ignited the market's risk aversion, and gold, as a traditional safe-haven asset, has been boosted to a certain extent.

The gold market is in a complex environment with multiple factors intertwined. Trump's tariff policy and the turmoil in the US stock market provide safe-haven support for gold, while the continued gold purchases by the People's Bank of China consolidate its long-term value. However, the short-term strength of the US dollar and the uncertainty of the Federal Reserve's policy may continue to limit the upside of gold prices. Investors need to pay close attention to the minutes of the Federal Reserve meeting and geopolitical dynamics.

From the daily level of spot gold, yesterday's gold price fell and rebounded to record a K-line pattern with a lower shadow. Although there is support for the price below, the overall gold price has been in a volatile trend in recent times. The MACD indicator has two lines sticking together and failed to provide valuable reference signals. Therefore, whether the market can rise further in the future is still unknown.

From the 4-hour level of spot gold, the gold price fell back to the 3296 line after being under pressure. Although the support effect of this position is good, the price has been in a volatile trend in recent times. Therefore, we can continue to pay attention to the volatility of the 3296-3350 range, and the breakthrough direction of the oscillation range can be used as a reference signal for the short-term direction of the future market. 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.