Gold fluctuates. Beware of highs.On Monday, the U.S. dollar index rose sharply, reaching an intraday high of 97.65 as Trump announced that he would impose new tariffs on a series of countries including Japan and South Korea on August 1.
Spot gold fell first and then rose. It once fell below the $3,300 mark during the session, but then rebounded strongly in a V-shaped manner by nearly $40. As of now, it has stabilized above 3,330.
From the current daily line:
3,320 is the absolute support position for gold at present. Although it fell below 3,320 yesterday, Monday, it then reversed and stabilized above 3,320. For now, the daily line still cannot close below 3,320. If it closes below 3,320, the decline may open further. On the contrary, the current upper suppression position of gold is around 3,350. That is to say, it is basically maintained at 3,320-50 for rectification.
If the daily line stabilizes at 3350 again, the bulls may rise again.
From the 4-hour chart, gold currently shows signs of a head and shoulders bottom. If the 4-hour chart stabilizes above 3340 again, the suppression level of 3350 may be directly broken. Next, it may directly touch the high level of 3380-90. Therefore, in terms of operation, I suggest that you can maintain long positions at 3320-30.
The first target is 3340-50. As long as the 4-hour chart stabilizes above 3340, you can continue to look at 3380-90.
