Core Viewpoint - The gold market is experiencing a period of upward movement after a recent rebound, but the bullish momentum is slowing down, leading to continued fluctuations and adjustments in price [1][3]. Market Performance - International gold prices opened at $3366.90 per ounce, reached a weekly low of $3344.88, and peaked at $3408.23 before closing at $3397.90, marking a weekly increase of $35.44 or 1.05% from the previous week's close of $3362.46 [1]. - The weekly price fluctuation was $63.35, indicating significant volatility in the market [1]. Influencing Factors - The market is facing resistance from profit-taking, but there is still buying support due to concerns over tariffs and the Federal Reserve's potential interest rate cuts [3][6]. - The Trump administration clarified that imported gold would not be subject to tariffs, which initially boosted gold prices but later led to a reduction in bullish momentum [3]. - The upcoming U.S. CPI data is expected to show rising inflation, which could lower interest rate cut expectations, negatively impacting gold prices [5]. Federal Reserve Outlook - The Federal Reserve's recent meeting maintained interest rates, but there is a growing expectation for multiple rate cuts by the end of the year, with some officials advocating for cuts as early as September [6]. - Economic concerns, including weak employment data, have heightened expectations for rate cuts, which could support gold prices [6]. Technical Analysis - Monthly charts indicate that gold prices have not reached new highs for three consecutive months, suggesting potential risks of a decline to $3000 or even $2600 [8]. - However, as long as prices remain above the 5-month moving average, there is potential for a rebound and new highs [8]. - Weekly charts show that gold prices are currently supported by previous upward trend lines, indicating a likelihood of upward movement after adjustments [10]. Short-term Strategy - The immediate focus for gold prices is on the support levels around $3384 or $3371, with resistance at $3405 or $3415 [12].