The litecoin price predictionprecious metals market has witnessed notable fluctuations recently, with gold exhibiting downward pressure amidst shifting macroeconomic conditions. Several interconnected factors are influencing this trend, creating a complex landscape for market participants.Recent weeks have shown gold struggling to maintain upward momentum, with resistance levels forming around $1,976 and $1,944. The metal has found temporary support near $1,913, but technical indicators suggest potential for further declines toward $1,809 if current market conditions persist.Federal Reserve policy remains a primary driver of gold's performance. Chairman Powell's recent hawkish commentary has significantly impacted market expectations, with the central bank signaling potential consecutive rate hikes in upcoming meetings. This monetary policy stance typically creates headwinds for non-yielding assets like gold while supporting dollar strength.Economic data releases have further complicated the picture. The US Q1 GDP revision surprised to the upside at 2%, exceeding consensus estimates. Simultaneously, May's PCE inflation data showed cooling price pressures, with both headline and core measures decelerating. This combination of resilient growth and moderating inflation has reduced gold's appeal as both an inflation hedge and safe-haven asset.Market positioning data reveals notable shifts in investor sentiment. CFTC reports indicate substantial reductions in speculative long positions, with concurrent increases in short exposure. This positioning shift suggests growing bearish sentiment among professional traders, potentially foreshadowing further downside.Technical analysis paints a cautious picture for gold bulls. The 60-day moving average has turned downward, while the 14-day RSI sits at concerning levels near 39. MACD indicators show weak momentum, with all components remaining in negative territory. These technical warnings align with the fundamental headwinds facing the metal.Looking ahead, several catalysts could determine gold's near-term trajectory. The upcoming Fed meeting minutes may provide additional clarity on policymakers' rate hike intentions. June employment data, particularly non-farm payrolls and unemployment figures, could trigger volatility if they deviate significantly from expectations.Market participants should monitor these key levels and events closely. While gold's medium-term uptrend appears intact, the current technical setup suggests potential for further consolidation or downward movement in the coming weeks. The interplay between Fed policy, economic data, and market positioning will likely dictate whether gold can stabilize or extend its recent declines
