Market Overview - The US dollar index has strengthened, reaching the 100 mark for the first time since May 29, with an intraday increase of 0.23%, putting pressure on gold prices, which struggled to break the $3300 per ounce level [1] - The core PCE inflation for June has shown signs of deterioration, with a 3-month annualized rate of 2.6%, compared to 2.3% in the same period last year, indicating a potential challenge for the Federal Reserve's decision-making [1] Employment Data - The initial jobless claims for the week ending July 26 were reported at 218,000, slightly above the previous value of 217,000 and below the expected 224,000, which negatively impacted gold and silver prices [2] Commodity Market Reactions - President Trump's unexpected announcement to exclude refined copper from a 50% import tariff led to a record single-day drop in US copper prices, prompting investors to adjust their positions significantly [2] - The market is also reacting to comments from the US Treasury Secretary regarding expected economic acceleration, raising questions about the Federal Reserve's interest rate decisions [2] Technical Analysis - The hourly chart for spot gold shows prices operating within the lower Bollinger Band, with a potential V-shaped reversal attempt after hitting $3267 per ounce, but facing significant resistance at the mid-band [3] - The 4-hour chart indicates that gold remains under pressure, needing to rise above $3320 or $3334 per ounce to confirm the end of the bearish trend [3] Daily Trends - The daily chart reveals that after hitting a high of $3435 per ounce, gold has experienced four consecutive days of declines, with selling pressure currently outweighing buying interest [5] - The MACD indicator suggests increasing buying pressure, but if gold falls below $3267 per ounce, the next support levels to watch are $3245 and $3250 per ounce [5] Investment Strategy - Suggested short positions for gold at $3334 with a stop loss of $10 and a target of $3290, and at $3345 with a stop loss of $10 and a target of $3300 [7]

Fundamental Analysis - Optimism in trade negotiations has weakened the appeal of safe-haven assets like gold, as President Trump postponed the implementation of tariffs on 14 countries to August 1, providing a three-week buffer for negotiations [3] - The strong US dollar, which rose 0.3% to 97.83, continues to exert pressure on gold prices, supported by positive expectations regarding the US economy and a strong June employment report [4] - Rising US Treasury yields, with the 10-year yield reaching 4.435% and the 30-year yield at 4.974%, increase the opportunity cost of holding non-yielding assets like gold, thereby reducing its attractiveness [5] - Trump's announcement of a 50% tariff on imported copper and impending tariffs on semiconductors and pharmaceuticals may raise inflation expectations, enhancing gold's long-term appeal as an inflation hedge, but could also delay Fed rate cuts, limiting short-term price increases [6] Technical Analysis - On the daily chart, gold has shown a downward trend since being resisted at 3365/3366, with current moving averages indicating a bearish outlook [8] - Key resistance levels are identified at 3320 and 3346, while support levels are at 3287 and 3276, with a significant trendline support at 3247/3245 [10] - The four-hour chart indicates a continuation of the downward trend, with resistance levels at 3316/3324 and support at 3283/3278, suggesting a cautious approach until a clear trend reversal is observed [10] Key Events to Watch - Upcoming economic data releases include China's June CPI, New Zealand's interest rate decision, and the US wholesale sales data, which may influence market sentiment and gold prices [12]