This month's gold experienced wide-range fluctuations and closed with a mixed trend. Influenced by expectations of Federal Reserve rate cuts and the tug-of-war with sticky inflation, it rebounded at the end of the month driven by PCE data, reaching a high of $4,595 and closing around $4,539. Overall, the volatility was significant but did not establish a clear direction.

From a technical perspective next week, the 30-minute KDJ entered the oversold zone, indicating a short-term rebound demand, but resistance at 4550-4570 is evident; the 1-hour KDJ formed a death cross and turned around, with diminishing upward momentum. Support levels are first seen at 4500-4510; a break below could likely lead to a retest around 4450.

Combining the news, the market’s expectation of rate cuts continues to fade, and the stronger dollar suppresses gold prices. Next week is expected to continue the range-bound, slightly bearish trend. Geopolitical conflicts can only cause short-term volatility. The core focus remains on the Federal Reserve’s June policy meeting and U.S. data’s impact on rate cut expectations.