On August 1st, during Thursday's (July 31st) US trading session, spot gold encountered resistance after reaching highs and subsequently retreated, currently trading around $3295 per ounce. Investors remain focused on international trade developments and US June PCE data, with non-farm employment reports scheduled for Friday release. The gold market experienced a "Black Wednesday," with spot gold prices declining over 1.5% in a single day, hitting an intraday low of $3268.02 per ounce, marking the lowest level since June 30th. The Federal Reserve's decision to maintain unchanged interest rates, Powell's hawkish commentary dampening rate cut expectations, and better-than-expected US economic data collectively formed a "perfect storm" for gold's decline.

Gold Technical Analysis: Thursday's early session saw gold experience a modest bottom-fishing recovery. The current weak pattern in gold is undeniable, logically continuing its downward pressure. Therefore, focus should be placed on the crucial $3300 level during the session - above this level, expect consolidation. For resistance levels, initial attention should be on the $3325 area, followed by key focus on the $3330 zone. The former favors bears for secondary low testing or breakdowns, while the latter represents strong short-term reversal resistance. Any rebounds below this level should be viewed as corrections. Should bulls strongly break above this level, gold prices may return to the $3345-3350 region, subsequently gaining momentum for short-term upward extension. However, sustained upward movement appears unlikely, particularly given the confirmed double-top structure formed at $3345 and $3352 during previous volatile trading, combined with last week's decline beginning from $3438, indicating progressively lower highs. If gold follows a stepped decline pattern, larger downward moves should be anticipated and captured. Overall, today's short-term trading strategy should focus primarily on selling rallies, with buying dips as secondary approach. Key short-term resistance: $3315-3325 level. Key short-term support: $3275-3265 level.

Crude Oil Technical Analysis: From a daily chart perspective, crude oil's medium-term trend shows oscillating upward movement testing near $78, with K-line forming large bearish candlesticks. Oil prices repeatedly cross through moving average systems, indicating medium-term objective trend direction remains oscillatory. However, from a subjective perspective, following primary-secondary alternation, direction trends downward. From a momentum standpoint, MACD indicators show fast and slow lines parallel near the zero axis, with bullish and bearish forces in equilibrium, suggesting crude oil's medium-term oscillatory pattern remains unchanged. Short-term (1H) crude oil movement shows primary-secondary-primary alternating upward trend, with oil prices touching new highs at $70.50. Moving average systems support upward oil price movement, maintaining unchanged short-term objective upward trend. MACD indicators interweave at high levels above the zero axis, with bullish momentum maintaining advantage. Early session oil prices show narrow oscillation in secondary rhythm, expecting intraday crude oil movement to continue upward momentum. Overall, today's crude oil trading strategy should focus primarily on buying dips, with selling rallies as secondary approach. Key short-term resistance: $72.1-73.2 level. Key short-term support: $68.1-67.2 level.