In the early Asian session on Thursday (June 12), spot gold continued to rise. As of 07:30, it hit a high of $3,373.25/ounce, a new high this week. The US Consumer Price Index (CPI) in May rose by only 0.1% month-on-month, lower than the expected 0.2%. The unexpectedly low increase in the core CPI led to a decline in the US dollar and US bond yields, boosting gold. The market generally expects that the Fed may start to cut interest rates in September.

Tensions in the Middle East have become another key factor driving gold prices higher. US President Trump recently said that he is increasingly unconfident about the prospect of imposing new restrictions on Iran's nuclear program through negotiations. At the same time, Iranian Defense Minister Nasirzadeh warned that if nuclear negotiations fail and Iran is attacked, US military bases in the Middle East will become targets of retaliation. Geopolitical uncertainty has further strengthened the safe-haven demand for gold.

Gold is currently maintaining a strong oscillating trend at a high level in the large-scale cycle trend. In the daily trend, the price has begun to slowly move out of the previous oscillation range. The short-term moving average has gradually diverged upward. The K line stands on the short-term moving average. There are signs of slowly strengthening in the daily trend. Pay attention to the pressure zone near 3390-3400 in the short term.

In the 4-hour level trend, the price has moved out of the previous pressure zone. The K line maintains a good oscillating upward trend along the short-term moving average. There is room for continued rise during the day. Pay attention to whether there is a continued upward trend after the retracement confirmation. In the hourly level trend, the narrow range of oscillation repair temporarily maintained at a high level may have a small adjustment and repair in the short-term trend. In summary, today's gold operation suggestions: long near 3355-6, stop loss 3349.1, or short near 3389-90, stop loss 3395.9.

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.