Recently, the spot gold price has been fluctuating around $3670 per ounce at a high level. Although the market has already absorbed the Fed's recent decision to cut interest rates by 25 basis points, the "gradual meeting" strategy emphasized by the Fed Chairman during the press conference still leaves investors with doubts about the future direction of monetary policy. This difference in expectations has caused gold to drop rapidly after reaching historical highs, leading the market into a phase of intense tug-of-war between bulls and bears.

From a fundamental analysis perspective, the trend of interest rate cuts indicates that the direction of real interest rates has not changed, which is still beneficial for the medium to long-term outlook for gold. However, in the short term, the rebound of the US dollar and US bond yields cannot be ignored. After the implementation of the interest rate cut policy, the US dollar not only did not weaken significantly but instead experienced a brief rise, while US bond yields also showed signs of stabilizing and rebounding. These factors put certain pressure on gold prices, especially at high levels, making it easier to trigger profit-taking.

The current market focus is on whether future economic data will force the Fed to further ease its monetary policy or lead the market to reassess the policy path. From a technical perspective, the short-term resistance level for gold is in the range of $3700-$3720, which is crucial for determining whether it can break through to new highs again. If it can break through with volume and stabilize in that range, it will release new bullish signals, with a target price possibly looking up to $3750. The support level below is in the range of $3630-$3650, and if it falls below that, it may trigger a rapid decline, opening up potential for short-term correction, with a target price around $3600.

Next, investors need to closely monitor three important indicators: the movement of the US dollar index, the yield on the US ten-year Treasury bond, and the upcoming CPI/PCE and employment data. These data will directly affect the market's judgment on the frequency and pace of future interest rate cuts, and will also determine whether gold can maintain its current high level.

Overall, the medium to long-term outlook for gold remains optimistic, but in the short term, it may continue to fluctuate and consolidate within the range of $3630 to $3720. Investors should remain vigilant and closely monitor market trends to make informed investment decisions.