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Gold prices experienced a decline overnight, dipping below $3,120 before rebounding to approach the $3,200 level again. Market analysis indicates that gold futures are showing signs of forming a bottom, with the price action aligning near the daily 50-day moving average and the 55-day exponential moving average, which acted as support. Technical indicators suggest a potential local top in risk assets, while gold futures displayed a bullish hammer pattern during the trading session. Additionally, there was notable options activity with 20,000 June call spreads in the $305 to $325 range purchased at $2.83, reflecting investor interest amid the rebound from monthly value lows. The SPDR Gold Shares ETF ($GLD) rose more than 1% from overnight lows, further confirming the recovery in gold prices.