Gold trading alert: analysts and retail investors bullish on gold prices this week, the Fed resolution minutes and the geopolitical situation is expected to be key

At the beginning of the Asian session, spot gold was narrowly oscillating and is currently trading near $1,848 as market fears of a U.S. recession rose and the dollar index plunged more than 1% last week, away from multi-year highs, giving gold prices a chance to rebound, while geopolitical concerns also rose, helping to attract buying on the downside after gold prices continued to fall, giving gold prices the momentum to rebound. Surveys show that most Wall Street analysts and retail investors tend to be bullish on gold prices this week.

There is relatively little economic data on Monday, but there is a lot of economic data this week. Tuesday will see May PMI data from Europe and the US, Wednesday will see the New Zealand Fed interest rate resolution and the preliminary monthly US durable goods orders for April, and early Thursday morning will see the minutes of the Fed's May resolution, which is expected to be the focus of the week, and Friday evening will see the US PCE data for April, which may also have a big impact on the market .

In addition, investors need to pay close attention to the news related to the geopolitical situation between Russia and Ukraine.

Basic major positive

Ukraine refuses to cede territory; Russian forces pound east and south of Ukraine

Ukraine has ruled out a ceasefire or ceding any territory to Russia, while Russia has stepped up its attacks on eastern and southern Ukraine, launching airstrikes and artillery strikes on the Donbas and Nikolaev regions.

With Russia's military setbacks, Kiev's position has become increasingly intransigent in recent weeks, while Ukrainian officials are increasingly concerned that they may be pressured to cede land in exchange for a peace deal.

"The war must end with the full restoration of Ukraine's sovereignty and territorial integrity," Andriy Yermak, the Ukrainian president's chief of staff, said Sunday.

Poland's President Duda expressed support, telling Ukraine's parliament in Kiev on Sunday that the international community must demand Russia's full withdrawal and that sacrificing any territory would be "a huge blow" to the West as a whole.

"Worrying voices have emerged saying Ukraine should give in to Putin's demands," said Duda, the first foreign leader to personally address Ukraine's parliament since the Feb. 24 Russian invasion. "Only Ukraine has the right to decide its own future," he said.

Speaking at the same parliamentary session, Ukrainian President Zelensky reiterated his call for stronger economic sanctions against Russia.

At a joint news conference with Duda, Zelensky said 50 to 100 Ukrainians were dying daily on the eastern front, referring to what appeared to be military casualties.

Russia is launching a major offensive against Luhansk, one of two Donbass regions, after the last Ukrainian defenders in the strategic southeastern Ukrainian port of Mariupol ended their weeks-long resistance.