At the beginning of the week, Egyptian and Israeli soldiers suddenly exchanged fire in the Rafah area, and concerns about escalating tensions in the Middle East have increased. However, the minutes of the Fed's meeting last week were hawkish. The Fed may keep interest rates stable for a longer period of time. Fed Governor Waller said that the neutral interest rate may rise. This speculation may cause the Fed to postpone interest rate cuts, and the initial claims data and PMI data performed strongly, which limited the rebound of gold and exerted pressure. The US PCE data for April will be released in the evening. The expected value of 2.8% is the same as the previous value. Personal spending expectations slowed down, which will help control inflation. The market's expectations for interest rate cuts have cooled down, and bets on more than one interest rate cut this year have been reduced. On the daily chart, gold stopped falling and stabilized last week, and maintained a volatile trend this week. The market waited for tonight's US PCE data to guide the stage direction. For the upper pressure on gold, we can focus on the 5-day moving average of $2,347, followed by the middle track of the daily Bollinger band of $2,357, and this week's rebound high of $2,364; for the lower support of gold, we can focus on the intraday low of $2,337, followed by the lower track of the 4-hour Bollinger band of $2,328, and this week's low of $2,322.