Gold will fluctuate and fall

Gold once hit a one-and-a-half-week low of $2,145.99 per ounce, as last week's U.S. inflation and other data were stronger than market expectations, and the market's expectations for an interest rate cut by the Federal Reserve in June further cooled, and the U.S. dollar and U.S. bond yields continued to rebound. Analyst Eren Sengezer pointed out that if the price of gold remains below $2,150 per ounce, the price of gold may continue its correction trend; the Federal Reserve’s policy statement and revised summary of economic forecasts (SEP) this week may help the market determine whether gold prices will hit a record The all-time high will still continue the downward correction.

Looking at the one-hour chart, the current high point of gold prices is falling along the trend line, so the price is in a downward trend. However, it should be noted that once the price breaks above the $2,172 resistance level, the downward trend may be destroyed and the price will continue to rise.

The trading strategy is to establish a short position near the downward trend line, and the take-profit price can be set near $2,146. If the price falls below $2,146, the next support level is near $2,135. Once the price breaks through $2,172, short orders need to be stopped in time.