Market Overview - The US dollar index continued its upward trend, reaching a five-week high above the 99 mark, closing up 0.26% at 98.89 [1] - Spot gold halted a four-day decline, touching the $3330 mark but closing up 0.35% at $3327.37 per ounce [1] - Spot silver experienced sideways movement, closing up 0.08% at $38.175 per ounce [1] Trade Agreements - Malaysia and Thailand completed a trade agreement with the US before August 1, while awaiting news from Australia, Taiwan, and Singapore regarding Asian trade [2] - South Korea ended a trade agreement with the US, imposing a 15% tariff on US goods while offering zero tariffs on exports to the US, with a commitment to invest $350 billion, including $150 billion in shipbuilding and $200 billion in chips, nuclear energy, and biotechnology [2] - President Trump announced a 25% tariff on all Indian goods and threatened additional penalties on Russian oil purchases [2] - A general 50% tariff on imported copper was confirmed, excluding raw copper sources, leading to a 19% drop in copper prices, the largest single-day decline on record [2] Precious Metals Trading Strategy - The precious metals market is expected to experience significant volatility in the short term, with gold likely to find technical support around $3250 and silver around the key level of $38 [5] - Price movements are influenced by two key variables: the potential for meaningful easing signals from the FOMC meeting on July 30 and the geopolitical implications of Russia's 10-day ceasefire ultimatum [5] - If the Fed's dovish stance does not meet market expectations and the Russia-Ukraine situation stabilizes, gold and silver prices may face downward pressure [5] - Conversely, any positive signals from policy shifts or worsening geopolitical conditions could ignite safe-haven demand, pushing prices higher [5] Technical Levels - For international gold, support is noted around $3275 or $3265, with resistance at $3300 or $3320 [6] - For spot silver, support is identified at $36.80 or $36.40, with resistance at $37.40 or $37.65 [6]

Core Viewpoint - The market is currently focused on the upcoming Federal Reserve interest rate decision, key economic data, and the outcome of U.S.-China trade negotiations, which are influencing the movements of the U.S. dollar and precious metals prices [1][2]. Market Overview - The U.S. dollar index has continued its upward trend, reaching a five-week high by surpassing the 99 mark, closing up 0.26% at 98.89 [1][2]. - Spot gold halted a four-day decline, briefly touching the $3330 mark but ultimately closing up 0.35% at $3327.37 per ounce [1][2]. - Spot silver experienced sideways movement, closing up 0.08% at $38.175 per ounce [1][2]. Key News Summary - Federal Reserve officials anticipate the need for future interest rate cuts but are not prepared to act in the upcoming meeting, with a dovish stance expected [3]. - The ongoing debate regarding political interference and the independence of the Federal Reserve is creating significant uncertainty in decision-making [3]. - U.S. Treasury Secretary Scott Bessenet indicated that negotiations regarding tariff suspensions between the U.S. and China will continue, with any extension ultimately decided by Trump [3]. - China's Finance Minister announced plans to increase fiscal support to boost domestic consumption amid growing economic headwinds [3]. Trading Insights - The precious metals market is expected to experience increased volatility in the short term, with gold likely to find support around $3250 and silver around the $38 mark [4]. - Key variables influencing price movements include the outcome of the July 30 FOMC meeting and geopolitical developments related to Russia [4]. - A dovish stance from the Federal Reserve that does not meet market expectations, along with a calming of the Russia-Ukraine situation, could exert downward pressure on gold and silver prices [4]. Price Levels - For international gold, support is noted around $3319 or $3325, with resistance at $3368 or $3374 [5]. - For spot silver, support is identified at $37.90 or $38.00, with resistance at $38.45 or $38.60 [5].