Market Analyst 23.5.2024 Product: XAU/USD Prediction: Decrease . Fundamental Analysis: The price of gold dropped sharply by over $40, falling below $2380. This happened because the Federal Reserve's recent meeting notes had strong, strict language, which made the dollar stronger and gold prices drop. The meeting notes from April 30 to May 1 show that Federal Reserve officials are increasingly worried about inflation and don't feel confident about lowering interest rates. The strict tone of these meeting notes crushed hopes for a rate cut, causing gold prices to plunge. . Technical Analysis: The RSI is pointing downwards, indicating that the momentum is turning negative. As sellers’ step in, the buying pressure is weakening. The first support level for gold prices will be the May 13 low of $2332, followed by the May 8 low of $2303. If these levels are broken, the next target will be the 50-day SMA at $2284. However, if buyers push gold prices above $2400, it could rise again to test this year's high of $2450 . .