In the early Asian session on Thursday (April 17), spot gold once again hit a record high of around $3,357/ounce. Gold prices rose by more than $100 on Wednesday, breaking through the 3,300 mark, reaching a high of $3,342/ounce, an increase of about 3.52%. The direct cause of this trend was US President Trump's multiple "sharp turns" on tariff policies, coupled with escalating international trade tensions, which prompted investors to turn to safe-haven assets. Federal Reserve Chairman Powell acknowledged that economic growth was slowing, and the sharp drop in US stocks, the US dollar and US bond yields also provided momentum for gold prices to rise.

Gold prices have risen by nearly $700 this year, supported by tariff disputes, strong central banks and purchases expected to cut interest rates. Fed Chairman Powell said on Wednesday that U.S. economic growth is slowing, consumer spending is growing modestly, and large-scale imports to avoid tariffs may put pressure on GDP estimates. In addition, confidence in the U.S. dollar index is fading, and gold prices are expected to hit $3,400 in the short term.

Gold opened higher at around 3,230 yesterday, reaching a high of around 3,343 in the evening, and rose by more than $100 again, closing the day positive. There has been a wave of pull-ups in the morning. If it falls below 3,343 again, today will be dominated by fluctuations. Tomorrow is the Easter holiday, and today is the closing of the weekly line. We must prevent profit-taking in the market, so we are bullish but not chasing more.

The current support is the early low of 3,343. If it falls below today, there is probably no high point. If it does not break, there is still a probability of a new high. Another support is the top and bottom conversion around 3,310-3,305. If these positions are not broken, you can go long. If the market fluctuates, it is not ruled out to go to around 3,270. The upper resistance is the intraday high of 3,358.

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.