In the U.S. market on Tuesday (May 28), spot gold fluctuated within a narrow range and is currently trading around $2,355 per ounce. Gold prices rebounded nearly 1% on Monday, hitting an intraday high of $2,358.40 per ounce and closing near $2,350.99 per ounce, as investors assessed reduced bets on U.S. interest rate cuts ahead of a key inflation report later this week. Most U.S. markets are closed for the Memorial Day federal holiday. The price of gold hit a record high of US$2,449.89 last week, but has since fallen by more than US$100. It hit a low of US$2,325.28 per ounce last Friday, and then rebounded in shock. Minutes of the Fed's latest policy meeting, released last week, showed officials believed it could take longer than previously thought for inflation to fall to 2%. Investors are currently awaiting data on the U.S. personal consumption expenditures (PCE) price index for April, due to be released on Friday, which is the inflation gauge favored by the Federal Reserve. Gold rose as demand for the precious metal rose. The RSI is at medium levels, so there is plenty of room to gain additional upside momentum. If gold stabilizes above $2,350/oz, it will head towards the next level of resistance, which lies between $2,390/oz and $2,400/oz. Gold prices rose on Monday, on the one hand due to the weakening of the U.S. dollar index, and on the other hand, the geopolitical situation in the Middle East boosted safe-haven buying. There are few economic data on this trading day. Pay attention to the U.S. Conference Board Consumer Confidence Index in May. In addition, you need to continue to pay attention to the speeches of Federal Reserve officials and news related to the geopolitical situation in the Middle East.