Overnight Market Review (2022.6.22) Spot gold is under pressure, and the US dollar continues to fall, but the range-bound pattern remains unchanged. Investors remain cautious before Fed Chairman Powell is about to testify before Congress. The market is concerned that Powell may send a new signal on the prospect of the Fed raising interest rates.
Global gold markets: Gold prices were range-bound on Tuesday, as rising U.S. Treasury yields and aggressive rate hike bets dented gold’s appeal despite a retreat in the dollar. Gold futures settled down 0.1% at $1,838.8.
U.S. stock futures fell in pre-market Wednesday, paring yesterday’s gains, as markets awaited Powell’s speech at a congressional hearing to assess future monetary policy prospects. The market expects that Powell will insist on sharply tightening policy in order to curb inflation.
Trading strategy deployment: it is recommended to go short at high levels
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.
