**Gold Market Trend Analysis:**

August 1st Gold Market Overview: On Friday (Beijing time August 1st), spot gold traded near $3,291.40/oz. Gold prices rose on Thursday as traders turned to safe-haven assets amid ongoing tariff uncertainty ahead of President Trump's August 1st negotiation deadline. Trump announced a series of tariff measures on Wednesday, including new tariffs on imports from Brazil and South Korea. US inflation rose in June as import tariffs began pushing up costs for some goods. The Personal Consumption Expenditures (PCE) price index increased 0.3% month-on-month in June, with May data revised upward to 0.2% growth. Meanwhile, the Federal Reserve kept the target rate range unchanged at 4.25%-4.50% on Wednesday, with Chairman Powell's post-decision remarks dampening hopes for a September rate cut. Investors are now awaiting Friday's US non-farm payroll data for more clues about the Fed's rate path.

**Gold Technical Analysis:** Gold saw a modest rebound from early Thursday lows. The current weak pattern in gold is undeniable, and it should reasonably continue under pressure and decline. Therefore, I recommend focusing on the critical 3300 level during the day - above this level, expect consolidation. For resistance, first watch the 3325 area, then focus on the 3330 zone. The former favors bears for a second test lower or break lower, while the latter represents strong short-term resistance. Any rebound below this should be viewed as a correction. If bulls strongly break above, gold prices may return to the 3345-3350 region, potentially gaining momentum for further short-term upside extension. However, sustained higher moves are unlikely, given that the double-top structure formed at 3345 and 3352 has been confirmed through previous volatile action, plus last week's decline started from 3438, indicating that highs are gradually shifting lower. If gold is in a step-down decline, we should capitalize on any larger downward moves. Overall, today's short-term trading approach should focus on selling rallies with supporting buying on dips. Upper short-term resistance: 3315-3325 zone; Lower short-term support: 3275-3265 zone.

**Crude Oil Market Trend Analysis:**

**Oil Market Overview:** International oil prices continued rising on Thursday, posting their fourth consecutive daily gain amid widespread concerns about tightening global supply conditions. Brent crude September contract rose 0.4% to $73.51/barrel, WTI crude September contract gained 0.5% to $70.37/barrel, while the more active Brent October contract increased 0.4% to $72.76/barrel. Recent market focus has centered on President Trump's statements. Trump demanded Russia make "substantial progress" on the Ukraine situation within 10-12 days or face 100% secondary tariffs on trading partners, significantly advancing the previously set 50-day deadline. Current oil price upward momentum stems more from trade concerns and expectations of potential supply tightening, particularly as US-driven high tariffs and sanctions are reshaping international crude trade patterns. While inventory data shows increased supply, declining gasoline stocks and demand resilience provide oil price support. If US policies further escalate, the probability of oil breaking through and holding above $74 is high, but if Russia-Ukraine tensions ease or negotiations progress, market sentiment could quickly reverse.

**Oil Technical Analysis:** From the daily chart perspective, oil's medium-term trend shows upward oscillation testing near 78, with K-line closing as a large real bearish candle. Oil prices repeatedly cross through the moving average system, with medium-term objective trend direction being oscillatory. However, the subjective direction, following primary-secondary alternation, points downward. From momentum perspective, MACD indicators show fast and slow lines parallel near the zero axis, with bullish and bearish forces in equilibrium, expecting oil's medium-term oscillatory pattern to remain unchanged. Oil's short-term (1H) trend shows primary-secondary-primary alternating upward movement, with oil prices touching new highs at 70.50. The moving average system supports upward price movement, keeping short-term objective trend upward. MACD indicators weave at high levels above zero axis, with bullish momentum holding advantage. Early session narrow range oscillation represents secondary rhythm, expecting intraday oil movement to continue upward momentum. Overall, today's oil trading approach should focus on buying dips with selling rallies as support. Upper short-term resistance: 72.0-73.0 zone; Lower short-term support: 68.0-67.0 zone.