Core Viewpoint - The gold market is experiencing fluctuations, with a recent breakout above the 3360-65 range, but the bullish momentum is not strong, indicating potential for a downward adjustment if it fails to maintain above the 3400 level [1][5]. Group 1: Gold Market Analysis - Gold opened with volatility and showed a strong upward movement, reaching a high of 3397, but later faced a pullback below the previous low of 3391, suggesting weakening bullish strength [1][3]. - The market is currently in an overbought state after a significant rise, with the 3400 level identified as a critical resistance point. A failure to break above this level may lead to further declines [3][5]. - If gold can maintain above the 3400 level, the next targets for upward movement are 3420-25 and 3450, but a drop below this level would indicate a bearish trend [5][7]. Group 2: Silver Market Insights - The silver market also showed strength, reaching a high of 39.05, but is currently experiencing a pullback. The 39.05-39.1 area is identified as a potential double top resistance [5][7]. - Short-term support for silver is at 38.3, with further support at 37.3-35. A breakdown below these levels would signal a stronger bearish trend [5][7]. - The Shanghai gold and silver markets are following similar trends, with Shanghai gold reaching 780 and facing resistance at 788-790. A pullback to 780 could present a buying opportunity [7].

Group 1 - Gold prices fell to a one-month low as trade tensions between major economies eased, leading to suppressed demand and investors awaiting U.S. economic data for interest rate direction [1][2] - Spot gold decreased by 0.33% to $3167.04 per ounce, reaching its lowest level since April 10, while U.S. gold futures dropped by 0.52% to $3171.3 per ounce [1] - Analysts indicate that the market is in an overbought state, with short positions increasing significantly [1] Group 2 - President Trump’s comments on Iran nearing a nuclear deal further reduced demand for gold [2] - Market focus shifted to the U.S. Producer Price Index (PPI) data, with attention on Federal Reserve Chairman Powell's upcoming speech for clues on interest rate paths [2] - Expectations for a 50 basis point rate cut this year, starting in October, could lead to stronger performance for non-yielding gold [3] Group 3 - Gold has broken below the double top neckline support, indicating potential short-term downside risk, with price expectations moving towards the $3000 - $3050 range [3] - Key chart support at $3190 has been breached, suggesting a continued corrective move in gold prices [3] - Other precious metals also saw declines, with spot silver down 1% to $31.89 per ounce, palladium down 0.2% to $949.07 per ounce, and platinum steady at $976 per ounce [3]