Core Viewpoint - The recent sharp sell-off in gold prices is attributed to easing global tensions, particularly between the US and China, which has reduced safe-haven demand for gold [3][4]. Market Analysis - Gold prices have experienced a significant increase of nearly $700 this year, reaching historical highs, but optimism regarding global trade relations has shifted investor sentiment towards riskier assets, putting pressure on gold prices [4][6]. - The current key support level for gold is at $3260, and if this level is breached, it could lead to further declines towards $3225 and potentially $3200 [4][7]. Technical Analysis - Recent price action shows gold has been consolidating at high levels, with a notable resistance around the $3368-$3370 range, which has become a critical barrier for upward movement [6]. - The market sentiment indicates a likely continuation of bearish trends, especially if gold prices fall below the $3260 support level [6][7].

Group 1 - The recent significant pullback in spot gold prices, which fell below the $3300 mark, is attributed to cautious investor sentiment and optimism regarding global trade relations [1][2] - The rebound of the US dollar index has also contributed to the downward pressure on gold and other safe-haven assets, as a stronger dollar makes gold more expensive for buyers [2][3] - Despite the pullback, ongoing geopolitical tensions, such as the Russia-Ukraine conflict, and expectations of interest rate cuts by the Federal Reserve provide a support base for gold prices, limiting their downside potential [1][2] Group 2 - Economic data released by the US showed positive performance, further supporting the dollar, while discussions among Federal Reserve officials regarding potential rate cuts provided some support for gold prices [2][3] - The market's optimistic outlook on easing global trade tensions has shifted some funds from safe-haven assets like gold to riskier assets, contributing to the pressure on gold prices [2][3] - The volatility in the gold market is expected to increase due to multiple influencing factors, and investors are advised to remain flexible in their strategies [2][5] Group 3 - Technical analysis indicates that gold prices have experienced significant fluctuations, with a weekly high of $3500 and a low of $3260, suggesting a potential bearish trend if key support levels are breached [3][5] - The focus for investors is on the $3260 support level; a break below this could lead to further declines in gold prices [5][6] - Short-term trading strategies suggest a preference for short positions on gold, particularly if prices rebound to the $3315-$3320 range [6][7]