Overnight Market Review (2022.6.30) The gold market is still in a consolidation below $1,850 an ounce. Gold’s long-term bullish pattern remains solid, and it’s only a matter of time before it is expected to become an important monetary metal again, the data said.
Global gold market: Gold prices fell on Wednesday, and the intraday trading was volatile, being tugged by two forces. On the one hand, it was the resistance brought by aggressive interest rate hikes, and on the other hand, it was helped by safe-haven buying driven by the intensifying risk of economic recession. Gold futures were down 0.2% at $1,817.50 an ounce.
Before the market on Thursday, U.S. stock index futures fell by more than 1%. Data showed that the PCE price index, the Fed’s favorite inflation indicator, fell more than market expectations, which partially eased investors’ concerns about inflation, but the data was still at a high level and not yet completely. Reversing the trend, and initial jobless claims were higher than market expectations, consumer spending also unexpectedly contracted.
Trading strategy deployment: it is recommended to short low and high
All transactions involve risks, the above analysis is for reference only. When placing an order, be sure to set the lot size and remember to set the stop loss.