Group 1 - The market is experiencing fluctuations with a notable drop on Monday night followed by a rise on Tuesday night, indicating a lack of fundamental data driving trading decisions [3] - The gold price is currently facing resistance around the 3390-3400 range, which is seen as a critical turning point for potential upward movement [3][5] - The market sentiment is leaning towards bullish, but there is uncertainty as the price has not decisively broken above the 3400 level, which is necessary for further upward targets [3][6] Group 2 - The legal battle involving Cook and the White House regarding U.S. monetary policy is expected to have long-term implications, with the Federal Reserve maintaining that Cook's status remains unchanged until a court ruling [5] - The upcoming PCE data is anticipated to influence interest rate decisions, with expectations leaning towards a rate cut in September [5] - Short-term trading dynamics indicate a potential for gold to experience upward waves in the coming months, particularly in October and early next year [5][6]

Core Viewpoint - The article discusses the recent fluctuations in gold prices, highlighting the technical analysis and market sentiment surrounding gold trading [3][5]. Technical Analysis - The market experienced a significant movement, with a notable upward trend observed in the weekly chart, indicating a strong bullish sentiment [3]. - The price tested the middle band of the Bollinger Bands at 3287, suggesting a potential continuation of the upward trend [3]. - A critical resistance level is identified at 3330, where maintaining this level could signal further bullish activity, while falling below 3300 could trigger bearish sentiment [5]. Market Sentiment - The article emphasizes the emotional aspect of trading, suggesting that market sentiment could lead to significant price movements [5]. - The upcoming negotiations between the U.S. and Iran are mentioned as a potential catalyst for market changes, although expectations for a positive outcome are tempered [6]. - Recent ETF holdings show mixed activity, with a notable increase of over 4 tons, which has reignited interest in gold [6].