Key Factors

Gold prices are trading around $4,440 per ounce this afternoon under pressure from Federal Reserve Chair Kevin Warsh's hawkish stance. Warsh noted that underlying inflation has not shown significant improvement, prompting the market to price back in the likelihood of a September interest rate hike, which lifted both U.S. Treasury yields and the U.S. dollar.

Meanwhile, renewed military clashes between the U.S. and Iran have driven crude oil prices sharply higher, adding further pressure on gold. Looking ahead to tomorrow, market participants should closely monitor the release of the U.S. ISM Manufacturing PMI and JOLTs Job Openings data, both of which are expected to significantly impact gold price movements.

Prices have entered a large-scale consolidation phase. However, in the medium term, as long as the price holds above $4,203, it is assessed as a pause for further upside. For today, a short-term rebound may occur after prices reach oversold conditions, with daily resistance at $4,490–$4,472, while support levels lie at $4,395 and $4,325.

Investment strategy: Take profit on long positions if prices fail to pass $4,472–$4,452; if passed above $4,472, delay selling until the next resistance level.

Wait for a price dip to open long positions if the price pullback holds above $4,395 (Stop loss if price breaks below $4,325).