Trump's Positive Remarks Turn into Gold's Downfall, Analysts Say Rally Still Possible

During the Asian trading session, spot gold continued to decline, with the decrease once expanding to 2%. The reason is that Trump abandoned the threat of firing Federal Reserve Chairman Powell and expressed optimism about reaching a trade agreement with China, which weakened gold's appeal as a safe haven. Kelvin Wong, Senior Market Analyst for OANDA Asia Pacific, stated: "In the short term, these factors have led to a sell-off in gold prices, bringing them to an extremely oversold level. However, from the perspective of resistance levels above, there are no signs of bullish weakness, so gold prices still have the potential to rise." (Jinshi)