Spot gold traded near $3344.46 per ounce on Tuesday, July 15 (Beijing time), retreating after Monday's three-week peak as market focus centered on trade negotiations and U.S. economic indicators. Silver simultaneously surged to its highest level since September 2011. The pullback followed President Trump's escalation of trade tensions, announcing 30% tariffs on most EU and Mexican imports effective next month – extending earlier warnings to Japan and South Korea. Investors now await Tuesday's U.S. Consumer Price Index (CPI) and Wednesday's Producer Price Index (PPI) for Federal Reserve policy trajectory clues.

**Technical Analysis: Gold** Daily charts show Monday's bearish candle interrupting three consecutive bullish sessions, signaling a corrective phase. This technical adjustment addresses both the lagging short-term moving averages after sustained gains and the need to retest the mid-Bollinger Band support. With MA5 and MA10 now converging near the mid-band at 3334/35, this zone forms today's critical support. A bullish close would reinforce the upward trajectory, while a bearish close risks prolonged consolidation with heightened downside potential.

The 4-hour chart reveals early Asian session momentum stalling at 3374, with repeated European session failures to breach 3375 triggering exhaustion-driven declines. Despite three consecutive bearish candles, prices held above the pivotal mid-band support at 3339.4 – aligning perfectly with the 38.2% Fibonacci level. Overnight resilience at 3340 suggests strong support, making this level optimal for Asian-session rebound entries. Break above 3354 would restore bullish control for further upside, while failure risks renewed weakness.

**Trading Strategy** International Gold: - Initiate light long positions at 3343/44, adding at 3335; target 3353-3360 - Monitor resistance zones for counter-trend short opportunities

Domestic Gold (Shanghai Gold, Rongtong Gold, Accumulated Gold): Following last week's successful trades – Shanghai Gold (2512 contract) long from 766 to 783 and Accumulated Gold/Rongtong Gold long from 762 to 777 – current levels (Shanghai at 780, Rongtong/Accumulated at 774) present fresh opportunities. Maintain long bias with Shanghai Gold targeting 790 and Rongtong/Accumulated targeting 785. Monitor these targets for potential reversal patterns. Weekly supports at 776 (Shanghai) and 770 (Rongtong/Accumulated) offer strategic entry points.