In the fluctuation of the global financial market, spot gold as a safe-haven asset has been favored by investors. However, the recent trend of the gold price has shown some uncertainty. This article will comprehensively analyze market news and technical analysis, and deeply discuss the future trend of spot gold.

The current status of the gold price.

On Monday (June 24th), spot gold was trading around $2,330 per ounce after experiencing a sell-off last Friday. Analyst Dhwani Mehta pointed out that the relative strength index (RSI) of the gold price has fallen below 50, and the bearish crossover is still playing a role, indicating a cautious short-term outlook for the gold market.

The impact of the Fed's policies.

As a new week begins, the market is closely watching the speeches of the Fed policy makers to find new policy clues and their impact on the US dollar. If the Fed conveys hawkish messages, it may hit the market's expectations of a rate cut in September, putting pressure on the gold price.

The positive impact of US economic data.

Last Friday, the June PMI data in the United States was better than expected, and the US dollar strengthened, while the gold price plummeted. This phenomenon indicates that the strong performance of US economic data may have a negative impact on the gold price.

Technical Analysis: Support and Resistance for the Gold Price.

From a technical analysis perspective, the gold price needs to recapture the 50-day moving average of $2,342 per ounce to regain last week's recovery momentum. On the upside, if gold further rises, the two-week high of $2,366 per ounce will be challenged.

On the downside, the first support area will be at the $2,310 per ounce level. If it falls below this level, $2,300 per ounce will become the next resistance level. If the gold price further drops, the low point on May 3, $2,277 per ounce, may become the focus again.

The spot gold market is currently at a crucial period. The gold price is affected by multiple factors. Although the strong performance of US economic data and the Fed's policy direction may put pressure on the gold price, the market still needs to pay attention to other factors that may affect the gold price trend, such as the global economic situation and geopolitical risks. At the time of publication, spot gold rose 0.38% to $2,330.13 per ounce.