On July 29, gold prices fell to a one-week low on Tuesday, slipping to $4,011.54 per ounce intraday before closing at $4,028.42, a daily decline of 1.2%. The drop came as the market awaited the Federal Reserve's interest rate decision. Meanwhile, the U.S. dollar index remained near one-month highs, oil prices experienced sharp swings due to conflicting signals from U.S.-Iran dialogue rumors and renewed conflict, and bond yields edged lower but stayed elevated. The gold market is at a crossroads, with multiple forces locked in a tug-of-war: on one side, a strong dollar and rate hike expectations exert heavy pressure; on the other, geopolitical uncertainty and long-term inflation hedging demand provide ongoing support. This battle over gold prices is far from over.

From a technical perspective, gold's short-term trend shows a weak, oscillating decline, with no sustained rebound in the charts. On the daily and 4-hour timeframes, bullish momentum continues to wane, and the price is trading below short-term moving averages, with a bearish structure gradually forming. For intraday resistance, the key level is around $4,050; below this, the downside is expected to continue. If the price breaks above $4,050, the next resistance level to watch is $4,080. On the downside, the key support level is $3,940. A break below this could open the door to a further decline toward $3,900, which may present a short-term rebound opportunity.

This content is for reference only and does not constitute investment advice. Investors should act at their own risk.