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
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