On Wednesday (June 25), spot gold traded around $3,323 per ounce. Gold prices fell on Tuesday, hitting their lowest level in more than two weeks, after Iran and Israel announced a ceasefire, weakening the safe-haven demand for gold. Spot gold fell 1.4% to $3,319.96 per ounce, after falling more than 2% to its lowest level since June 9.

Federal Reserve Chairman Powell reiterated at a congressional hearing on June 24 that the Fed needs more time to observe the impact of tariff increases on inflation before considering a rate cut. He made it clear that tariff policies are expected to push up inflation this summer, but the sustainability of inflationary pressure is uncertain, so the Fed will not rush to cut interest rates. This statement has greatly cooled market expectations for a rate cut in July. Federal Funds futures show that investors are more inclined to cut interest rates for the first time in September and expect two 25 basis point rate cuts this year. As a non-interest-bearing asset, gold is usually under pressure in a high-interest rate environment. Powell's cautious remarks further weakened the upward momentum of gold prices.

The 1-hour moving average of gold continues to be arranged in a short-term downward arrangement. After breaking through the previous low of 3340 yesterday, it has not been able to rebound. In the short term, 3340 has become the key to long and short positions. Gold rebounded below 3340 in the early trading and continued to be short at highs. If gold breaks through and stabilizes at 3340 again, it may start to fluctuate again. Before breaking through 3340, the gold market is still weak. The key watershed above is the top and bottom conversion position of 3340. If the momentum of gold rebound near 3340 weakens or a top pattern appears, the target will be 3280 or even lower.

On the whole, the short-term operation strategy of gold today is to short on rebound and to go long on callback. The short-term focus on the resistance of 3335-3340 is on the upper side, and the short-term focus on the support of 3280-3295 is on the lower side.

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.