On Tuesday (May 6), spot gold traded around 3332.10. Gold prices rose more than 2% on Monday, driven by a weaker dollar and safe-haven demand, as the market awaits the Fed's policy decision later this week. Spot gold rose 2.3% to $3,315.09 an ounce. U.S. gold futures closed up 2.4% at $3,322.3.

Traders are waiting for comments from Fed Chairman Powell on Wednesday for clues about the path of interest rates. The Fed has kept its policy rate in a range of 4.25%-4.50% since December. The Fed is expected to keep interest rates unchanged at this meeting, but this may be the last time the result is so clear, as Trump's tariff policy casts a shadow of uncertainty over the economic outlook. Gold is considered a hedge against uncertainty and tends to shine in a low-interest rate environment. It has hit record highs several times so far this year, with an increase of more than 26%.

Gold rebounded sharply on Monday, reaching a high of around 3337, an increase of nearly $100. From the daily level, the bottom reversal was confirmed by a large positive line. The RSI indicator is currently at 58.99, and has not yet entered the overbought area, indicating that there is still room for upward movement in the short term. The price of gold is currently running above the middle track of the Bollinger Band, and the short-term integer mark of $3,300 has become a key support line.

At the 4-hour level, the abc callback wave structure has been fully operational, and a new round of five-wave rising structure is currently opening. The upper track of the Bollinger Band at $3,340 forms a short-term resistance. If it strengthens further, the next resistance level of the gold price is at a high of $3,370. In summary, today's short-term operation of gold is recommended to retreat low and long, supplemented by rebound high and short. The upper short-term focus is on the 3355-3360 line of resistance, and the lower short-term focus is on the 3305-3300 line of support.

Disclaimer: The article is contributed by the market analyst from Bitop market observation team. The content is solely for personal opinions and sharing. The analysis is time-sensitive and provided for reference and discussion only. It does not constitute any investment advice. The market is risky, so investing should be done cautiously.