On Tuesday (June 24) in the Asian market, spot gold fell, trading around $3,353/ounce, as Iran did not take any action to block oil and gas transportation in the Strait of Hormuz, and Iran may accept a ceasefire plan, and market risk aversion has eased. Rising geopolitical tensions have led to rising demand for safe havens, which is one of the main catalysts for the 28% increase in gold prices so far this year. In addition, concerns about the economic impact of Trump's tariffs and increased purchases by central banks have also played a role in fueling the rise.

In addition, S&P Global's June PMI data showed that US business activity slowed slightly, but manufacturers faced the highest input costs since July 2022, and nearly two-thirds of the companies surveyed reported that the cost increase was related to tariffs. This suggests that inflationary pressures are accumulating, which may limit the Fed's easing space. For gold, the warming of expectations for rate cuts is a medium- and long-term positive, but the rebound in inflation in the short term may push up real interest rates and suppress gold prices. Investors will be watching Fed Chairman Powell's congressional testimony on Tuesday and Wednesday for hints of monetary easing, and lower interest rates usually support interest-free gold.

The gold daily level indicator macd dead cross opened with large volume, and the dynamic indicator sto double-line adhesion ran near oversold, and the volatility of gold prices was weak. At present, the MA30 moving average and the lower track below the daily line correspond to 3328 and 3284-87 respectively. If the daily line does not fall below 3328 in the short term, the price may rebound above 3370. At present, the moving average has also begun to wrap around the middle track, representing short-term volatility. In the near future, it can be maintained in the upper and lower track range of 3433-3284.

At the hourly level of gold, the macd dead cross is currently oscillating with large volume, and the dynamic indicator sto hooks upward to repair, representing short-term volatility. At present, pay attention to the bonding support band of the moving average and the middle track at 3364-3367. If you stand firm at this position, the price will rebound further. To sum up, today's gold operation suggestions are: short when it rebounds near 3358-62, defend at 3368, target at 3348-3338, long near 3318-20 below, defend at 3310, target at 3340-3350.

Disclaimer: The article is contributed by the market analyst from Bitop market observation team. The content is solely for personal opinions and sharing. The analysis is time-sensitive and provided for reference and discussion only. It does not constitute any investment advice. The market is risky, so investing should be done cautiously.