On May 22, with the US dollar showing relative strength and yields remaining elevated, gold exhibited a pattern more prone to alternating between high-level consolidation and minor pullbacks. According to EasyMarkets, when the market concurrently weighs funding costs and safe-haven demand, the short-term direction of precious metals is often guided by the interplay of interest rate expectations and US dollar strength, with fluctuations largely stemming from the repeated adjustments to expectation gaps.

From a trading structure perspective, if yields struggle to decline significantly, the cost-of-carry constraint on gold persists, making it more likely for prices to digest pressure through range-bound fluctuations. EasyMarkets suggests that during a period dense with key data releases, capital will place greater emphasis on position management and hedging strategies, leading to price action that frequently exhibits patterns of rapid rallies followed by retracements or swift recoveries.

Concurrently, fluctuations in oil prices and changes in inflation expectations also influence judgments on real interest rates, thereby altering the risk premium priced into gold. If macroeconomic uncertainties persist, capital may continuously shift between "defensive allocation" and "interest rate constraints," keeping short-term volatility active.

Key subsequent focuses include whether a turning point emerges in yield trends, if the US dollar continues to strengthen, and the impact of macroeconomic data on policy expectations. EasyMarkets analysis indicates that prior to the emergence of new catalytic factors, gold is more likely to maintain a range-bound pattern while awaiting directional confirmation.