On Thursday, May 28, spot gold exhibited a downward trend during the early Asian trading session, briefly falling below the $4400 level to a low of $4390. It is currently trading near the $4400 integer threshold. On the previous day, Wednesday, May 27, gold encountered resistance around $4527-4528 in the morning, then fluctuated lower. The decline continued during the European session, with the U.S. session seeing a drop to around $4401. Subsequently, it stabilized and experienced a slight rebound, closing near $4456. The daily chart formed a bearish candle with a long lower shadow, reaching a new two-month low, indicating an overall pattern of fluctuating decline and weak bottom exploration.

Key Fundamental Drivers: The primary reason for gold's decline this morning is attributed to new U.S. military strikes on an Iranian military base deemed a threat to U.S. forces and commercial shipping in the Strait of Hormuz. U.S. forces also intercepted and shot down multiple Iranian drones perceived as threats. A U.S. official described these actions as "carefully considered, purely defensive, and aimed at maintaining the ceasefire." Iranian media confirmed the U.S. opened fire, following a confrontation between the Revolutionary Guard and a U.S. oil tanker. There are currently no reports of casualties or damage.

U.S. Developments: ① Former President Trump: Expressed continued dissatisfaction with the U.S.-Iran deal, maintaining sanctions and rejecting control of the strait; stated indifference to midterm elections; warned Oman about consequences for non-compliance; asserted no country can control the Strait of Hormuz, with the U.S. overseeing it; affirmed the U.S. will continue to control Iranian assets. ② Senator Rubio: Indicated former President Trump prefers negotiations with Iran. ③ U.S. Official: The Department of Defense has prepared a list of targets within Iran in case the former president potentially resumes military action against Iran. Iran has stated it would only sign a peace agreement with the U.S. if $240 billion in frozen Iranian assets are released. Trump's camp has opposed this, viewing it as a concession to Iran.

Other factors to watch today include two key data releases: At 20:30, the U.S. will announce Initial Jobless Claims for the week ending May 23, with market expectations for 211,000 new claims, compared to the previous 209,000. Also at 20:30, the U.S. will release the April Core PCE Price Index, with market forecasts for a year-over-year rate of 3.30% (previous 3.20%) and a month-over-month rate of 0.30% (previous 0.30%).

Technical Perspective: From the daily chart structure, gold has closed lower for two consecutive days, falling to the lower boundary of its daily range. However, the technical structure suggests potential for further downside extension. Intraday focus should be on the battle around the trendline support at $4370-4340. Before that, $4400 may see repeated contention. As long as the price does not recover above $4465, the overall trend for gold remains weak. It is also important to note that after two consecutive bearish days, short-term bearish momentum may be partially exhausted. With the price approaching trendline support, a technical oversold rebound is possible.

Combined with the 1-hour chart, gold dropped to around $4401 overnight before rebounding, but faced renewed resistance and selling pressure around $4465. Another wave of decline occurred this morning, bringing the price back near $4400. This level may still see contention, but the current momentum increases the likelihood of a breakdown. If $4400 is decisively breached, the next focus would be contention around $4370. Any rebound from this support would likely be considered a technical oversold bounce, with resistance then anticipated around $4440-4450. Failure to break above this resistance would maintain the corrective downtrend view.

Today's Trading Suggestions: If the price rebounds to test resistance around $4440-4450, consider short-term selling positions, with a stop-loss above $4465. Initial targets are around $4400, followed by the $4370-4340 zone. Support tests are possible at $4370 and $4340. Aggressive traders may cautiously attempt very short-term long positions at these levels, but must strictly control position size with minimal capital and implement essential protective stop-losses. Adjust strategies based on real-time market conditions.