On Thursday (July 30) in Asian trading, gold prices continued their upward trend, briefly touching the $4,100 mark, a gain of approximately 0.84%. After the Federal Reserve finally confirmed that it would maintain the target range for the federal funds rate at 3.50% to 3.75%, spot gold quickly surged, briefly reaching $4,116 per ounce, the highest level since July 23.

If the Fed's decision was the trigger for the gold price rebound, then the sharp escalation of the situation in the Middle East provided the continued fuel for this rally. On July 29, the United States and Saudi Arabia jointly launched airstrikes against Iranian-backed armed groups in Iraq. This was the first major US military action in the Middle East since President Trump suspended airstrikes against Iran last week.

From a daily chart perspective, spot gold prices have been consolidating at low levels recently. The MACD indicator's two lines are converging and failing to provide any valuable reference signals. The outlook remains one of continued consolidation, with key support levels to watch at the 4000 psychological level.

From a 4-hour chart perspective, spot gold prices tested the 4000 level again yesterday, confirming its support. Although the MACD indicator has issued a golden cross signal, its reference value is quite limited given the current consolidation trend. Intraday, the 4000 psychological level remains a key support to watch, while the 4100 level presents resistance. Resistance levels: 4060-4070-4080.

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.