Spot gold fluctuated within a narrow range and is currently trading around $2015 per ounce, holding most of the overnight gains. On Tuesday, the price of gold rose by nearly US$35, hitting a new high of US$2019.27 per ounce in more than two weeks, as the market’s concerns about the US banking crisis and the US debt default heated up again, which dragged down US stocks and provided safe-haven support for gold prices. Moreover, the poor performance of U.S. employment data has increased market expectations for the Fed to cut interest rates in June. The dollar and U.S. bond yields fell, which also provided gold prices with upward momentum. Market attention is focused on the Federal Reserve’s interest rate resolution at 2:00 am Beijing time on Thursday and Fed Chairman Powell’s speech at 2:30 am, especially Powell’s hawk dove attitude will determine the future direction of gold prices. However, Fed Chairman Powell’s speech will bring variables to the market trend. Investors need to pay close attention to Powell’s hawk-dove attitude. As long as Powell is not biased towards dovishness, gold prices still face the risk of rising and falling. Below, pay attention to the support near the 2000 integer mark.