Gold continues to decline, can it still change the trend?

Information summary:

Will the Fed cut interest rates in July? The latest statements of Fed officials have released a heavy signal. Fed Governor Michelle Bowman said that as long as inflationary pressures remain moderate, she will support a rate cut at the next policy meeting in July. At the same time, Trump has continued to put pressure on the Fed.

Next, investors need to pay attention to the testimony of Fed Chairman Powell on the semi-annual monetary policy report to the House Financial Services Committee today.

Market analysis:

Gold fell sharply today, directly breaking the key support level of 3350. From a 4-hour perspective, the MA moving average shows a short trend arrangement, and the MA5\10 moving average crosses the MA20/30 long-term moving average downward, which indicates that the short force is dominant. In addition, the RSI indicator also fell rapidly and entered the oversold area, but this may also suggest that prices have a rebound trend in the short term.

I think the current market price decline trend is more obvious, unless there is significant positive data, the gold price may continue to decline.