Trump's favorable remarks have become a golden killer, and analysts say the rally is still expected

In the Asian session, spot gold continued to decline, with losses widening to 2% at one point. The reason is that Trump has dropped his threat to fire Federal Reserve Chairperson Powell and expressed optimism about a trade deal with China, which has weakened the safe-haven appeal of gold. "In the short term, the above factors have led to a sell-off in gold prices, which has brought it to a very extreme oversold level, but from the resistance level above, there is no sign of any kind of bullish weakness, so gold prices are still likely to rise," said Kelvin Wong, senior market analyst at Chubb Asia Pacific. (Gold Ten)