In the early Asian session on Friday (June 13), spot gold fluctuated in a narrow range and is currently trading around $3383.85/ounce. Spot gold prices hit a one-week high of $3398.65/ounce on Thursday, closing at $3386.57, the highest closing level since May 6, up 0.9%, and rising for two consecutive days. Israel launched a "preemptive strike" against Iran on Friday (June 13) and declared a national state of emergency, while Iran's air defense forces announced full combat capabilities, and tensions over the Iranian nuclear issue escalated sharply. The intensification of geopolitical conflicts and the Middle East situation have ignited safe-haven demand, which is the main factor supporting the sharp rise in gold prices.

The rise in gold prices also benefited from the decline in the US dollar and US Treasury yields. On June 12, the U.S. dollar index fell 0.78% to close at 97.86, hitting its lowest level since March 2022 at 97.60. The weakness of the U.S. dollar directly pushed up the price of gold denominated in U.S. dollars, as the weakening of the U.S. dollar makes gold more attractive to investors holding other currencies.

From the daily level of spot gold, the continued high-level fluctuations have caused the current gold price to fall into the triangle range again. If you want to open up space in a short time, you have to rely on fundamental breakthroughs, such as returning to above 3350 as soon as possible to maintain the rhythm of rising. At this stage, the basic adhesion of the moving average group does not have much guiding role, and the MACD indicator is also close to the double lines, which means that the competition between long and short positions is fierce, so it is not advisable to pursue space too much.

From the 4-hour level of spot gold, after the high and fall in the middle of the week, the rhythm and amplitude of the current gold price trend have been basically established. Although the moving average group has moved upward, the support provided is actually relatively limited, and the MACD indicator is still below the 0 axis, so there is not much direction guidance. It may continue to fluctuate in the short term. Therefore, it is recommended to keep selling high and buying low as the main operation, and wait patiently for the direction to break through before following up. Pressure: 3392-3400-3410 Support: 3380-3370-3360.

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.