In the early Asian session on Wednesday (June 11), spot gold fluctuated narrowly and is currently trading at $3322.46/ounce. The continued escalation of the Russian-Ukrainian conflict has undoubtedly provided strong support for gold prices. The Russian Ministry of Defense reported on June 10 that its armed forces launched a cluster strike on Ukrainian defense industry enterprises and military facilities. In addition, the Ukrainian drone attack caused the temporary closure of several Russian airports, further exacerbating the tension. These events not only disrupted regional stability, but also deepened investors' concerns about the global security situation, pushing up the safe-haven demand for gold.

Although geopolitics has provided support for gold, the progress of Sino-US trade negotiations has become the main source of pressure for the decline in gold prices. U.S. Commerce Secretary Lutnick said that negotiations with China were progressing smoothly in London, and the two sides were seeking breakthroughs on key issues. The market's optimistic expectations for the negotiations have weakened the safe-haven demand for gold, as the easing of trade tensions could boost the global economy.

From the daily level of spot gold, with the continuation of the fierce competition between long and short positions, the overall gold price is still fluctuating at a high level. The market is now cautiously waiting for the announcement of CPI in the evening, so it is expected that there may not be much movement before the US market. At this stage, the short-term moving average group continues to be mainly in a sticky state, and the MACD indicator also has no direction guidance. The overall focus can be on the 3300-3360 range.

From the 4-hour level of spot gold, affected by the market's risk aversion sentiment, the gold price rebounded slightly at the beginning of this week, but the overall space is temporarily limited. At present, it is necessary to focus on the previous top and bottom conversion. If it can break through 3350 as soon as possible, there will be a chance to further open up the rebound space. At this stage, the moving average group turns downward, but the MACD indicator is still below the 0 axis, so it is recommended to keep selling high and buying low. Pressure: 3335-3350-3360 Support: 3320-3310-3300.

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.