Gold is under significant pressure as it breaks below key support levels, hitting its lowest since late March. The market is pricing in aggressive Federal Reserve tightening due to rising inflation fears, which increases real interest rates and diminishes gold's appeal as a non-yielding asset. Traders should be cautious as upcoming US CPI data could further influence rate expectations and gold prices. A continued hawkish shift in monetary policy outlook may extend gold’s downside, while any unexpected softening in inflation could offer short-term relief.