Core Viewpoint - International gold prices experienced a strong increase, breaking through the $3400 resistance level, indicating potential for further upward movement due to uncertainties in U.S. trade negotiations and a weakening dollar [1][2]. Group 1: Gold Market Analysis - On July 21, the spot gold opened at $3349.88, reached a high of $3401.46, and closed at $3396.67, marking an increase of $47.14 or 1.412% for the day [1]. - The breakthrough of the $3400 level suggests that gold prices may aim for the previous high around $3450 [2]. - Technical indicators show that gold prices have broken out of a consolidation phase, supported by Bollinger Bands and moving averages, with key support levels at $3380 and the 5-day moving average at $3355 [2]. Group 2: Silver Market Analysis - Silver prices are expected to break through the $40-$42 range after experiencing fluctuations between $35-$37 per ounce, although recent resistance at $39 indicates that the path to $40 may be more complex [2]. Group 3: Economic Context - The uncertainty surrounding U.S. trade negotiations and the potential impact on the U.S. credit outlook have led to a downward revision of the U.S. credit outlook by Fitch Ratings, which may further support gold prices [1][2]. - The U.S. government's fiscal challenges, highlighted by recent tax and spending legislation, could keep the total deficit above 7% of GDP and push the debt-to-GDP ratio to 135% by 2029 [1].