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].

Group 1 - The current spot gold price is hovering around $3183.50 per ounce, having dropped over 2% on Wednesday, reaching a low of $3167.94, the lowest since April 10 [1] - The decline in gold prices is attributed to rising optimism regarding trade, which has boosted risk appetite among investors, leading them to withdraw from the gold market [1] - Short-term outlook suggests that trade optimism and a strengthening dollar may continue to pressure gold prices, with technical indicators showing that downward risks have not been fully released [1] Group 2 - The current market is undergoing a downward ABC adjustment wave, with the A wave from $3500 to $3201 and the B wave from $3201 to $3435, currently in the C wave downtrend [2] - Key support levels to watch for the C wave decline are between $3163 and $3135, with the next Fibonacci retracement level at $3163 coinciding with a previous support level [4] - Short-term analysis indicates a bearish trend with MACD showing a death cross and increasing downward momentum, suggesting caution against chasing further declines [4]