Gold volatility pattern to be broken

Market status: intertwined bullish and bearish factors, gold prices are under pressure and fluctuate
Negative factors:
The easing of US-China tariff negotiations and potential progress in the situation between Russia and Ukraine weakened the demand for safe-haven assets.
Although the US dollar index was weak, it failed to boost the momentum of gold's rebound.
Potential positives:
Expectations of Fed rate cuts have increased (market pricing for the first cut in September, a total of 53 basis points in 2025).
If the US PPI data on Thursday confirms the slowdown in inflation, it may strengthen expectations of easing.
Technical analysis: The battle for key positions determines the direction
Short-term structure:
Support: 3220-3215 (intraday key) → If it fails, it will drop to the psychological level of 3200 → Further break to see 3167 (0.618 retracement level).
Resistance: 3260 (may test 3270-3280 after breakthrough) → 3300 (Bollinger middle rail suppression).
Pattern: Daily potential W bottom (3200 stabilizes and looks up to 3400) or M top (break 3200 and look down to 3160).
Indicator signal:
Weekly: Wide range of shocks continues.
4 hours: Converging triangle pattern is close to breaking, and direction may be selected in the evening.
Operation strategy: Sell high and buy low within the range, follow the break
Bull strategy: Stabilize and go long in the 3200-3215 area, target 3260, stop loss below 3190.
Short strategy: Short near 3240, look down to 3220-3215, stop loss 3250.
Follow up after the break:
Break up 3260 and chase long, target 3280-3300.
Break down 3200 and follow the short position to 3180-3167, and reverse the layout of the medium-term long order.
Risk warning: PPI data and geopolitical events may cause fluctuations, and strict risk control is required.