Currently, spot gold is trading around $4,337 per ounce, and the daily bullish pattern has not been broken, but upward selling pressure is gradually accumulating. In the short term, gold price movements are highly constrained by the upcoming Federal Reserve June interest rate decision and the policy statements of new Chair Powell. Before the decision results are clear, both long and short funds are shrinking simultaneously, and the market is likely to continue trading within a narrow high-range, making a breakout unlikely.

On the macro front, the US and Iran reaching a ceasefire memorandum has led to a decline in geopolitical risk premiums, and the sharp drop in international oil prices has effectively alleviated concerns about energy-driven inflation, driving US Treasury yields lower and the dollar weaker, which reduces the holding cost of gold. Meanwhile, global central banks' continued gold purchases (such as China’s consecutive months of increased holdings) provide solid long-term support for gold prices. However, high gold prices suppress physical demand, and profit-taking has caused upward pressure to ease, so short-term rebounds are more likely technical corrections after overselling.

Technically, the key support zone in the short term is around $4,300, which is the strong support platform and core defense line for the current rebound; short-term resistance is concentrated at $4,360–$4,380, with strong resistance at the $4,400 mark. Without substantial positive catalysts, breaking through in the short term will be difficult.

Trading suggestion: Today during the Asian session, focus on range-bound short-term arbitrage, strictly control positions. If gold falls back to the $4,300–$4,310 area and does not break with high volume, consider lightly entering long positions with a stop-loss below $4,290, targeting first at $4,350–$4,380; if a strong breakout above $4,400 occurs, follow the trend upward. Given the strong risk aversion sentiment before the Federal Reserve decision, it is recommended to keep total position size within 10%. #TradFiCFD黄金大师赛