On Wednesday (May 28), spot gold traded around 3303.93, and gold prices fell for the second consecutive trading day on Tuesday. Trump abandoned his threat to impose a 50% tariff on imports from the European Union next month. The EU said that Trump's call with European Commission President von der Leyen over the weekend provided "new impetus" for trade talks. Market risk sentiment has improved and gold prices are under pressure.

The minutes of the Federal Reserve's most recent policy meeting will be released on Wednesday. The main US economic data to be released this week include first-quarter gross domestic product (GDP), weekly unemployment claims and the core personal consumption expenditures (PCE) price index.

From the daily level of spot gold, the price of gold fell back from the high level at the beginning of the week, but it is still above MA5, so the upward trend is not greatly affected. Even if the support is lost unexpectedly, there are still dense moving averages waiting in the future market, and the MACD indicator has formed a golden cross above the 0 axis at this stage, which is a relatively strong bullish signal. However, the key to this week's space lies in whether it can break through the previous pressure of 3360.

From the 4-hour level of spot gold, affected by the profit-taking of bulls, the gold price has temporarily failed to continue the strong performance of last week. At present, the rhythm of the short-term moving average group has been disrupted. It is not ruled out that it will temporarily fall into a range of fluctuations. It is necessary to pay attention to the support of the 3300 mark. In addition, the MACD indicator has become blunt. If a dead cross is formed again, it may move closer to the 0 axis, so it is recommended to adjust the short-term operation to high selling and low buying. Pressure: 3310-3320-3330 Support: 3295-3285-3270.

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.