On Thursday (June 12th) in early Asian trading, spot gold surged to $4246.40 per ounce. This strong rebound erased all of Wednesday's losses. With emerging hopes for US-Iran peace talks, safe-haven demand cooled rapidly, oil prices fell, the Fed's rate hike expectations were lowered, and the dollar weakened. In this complex environment of intertwined geopolitics and macroeconomics, gold may continue its rebound.

In the short term, this rebound in gold prices has been relatively substantial, and some profit-taking may push prices into a technical correction. Uncertainties remain regarding the details of the agreement—including the release of frozen Iranian assets, the handling of the nuclear issue, and the attitude of hardliners within the Republican Party—if negotiations falter, geopolitical risk premiums may quickly return, potentially providing renewed support for gold.

From the daily chart of spot gold, the current MACD indicator shows a bearish crossover with increasing volume, while the stochastic oscillator (STO) is turning upwards out of oversold territory, indicating signs of a price rebound. However, the overall trend remains weak and volatile, trading below the middle Bollinger Band. Looking at the daily chart, the current resistance level is around 4327, near the 10-day moving average (MA10); the next resistance is around 4424, near the middle Bollinger Band. If the daily chart continues to rebound today, the morning pullback should not reach 4070; otherwise, the price will likely enter a low-level consolidation phase.

From the 4-hour chart for spot gold, yesterday's price saw a sharp drop, briefly falling to near the 4000 mark, but subsequently found support and rebounded strongly. If the price can recover further before the day closes, it may have temporarily bottomed out in the short term. Currently, the market fundamentals remain unfavorable for gold, and the moving average group also shows a bearish trend. However, if the price can hold above the MA10, there is still a chance for a continued rebound. The recommended trading strategy is to buy low and sell high. Resistance: 4160-4170-4180; Support: 4145-4130-4120.

Disclaimer: The article is contributed by the market analyst from Binkex 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.