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Resistance is forming above gold, is there a chance to move lower?

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Overnight Market Review (2022.6.17) On Thursday, the Bank of England and the Swiss National Bank announced interest rate hikes, fears of a recession dampened risk appetite, European and American stock markets fell sharply, and the dollar fell and gold rose. Focus on the Bank of Japan interest rate decision and Fed Chairman Powell speech.

Global Gold Markets: Gold rose on Thursday as the U.S. dollar retreated sharply on the Federal Reserve’s aggressive policy outlook, driving safe-haven flows back to gold. Gold futures rose 1.7% to $1,849.90.

U.S. stock futures rallied slightly ahead of Friday’s session as markets awaited Powell’s speech later in the session. At a news conference last Wednesday, he had reassured the market that he would not raise interest rates by 75 basis points on a regular basis. However, this still does not change the fact that policy tightening and the economy may decline because of tightening.

On the other hand, it may not be all smooth sailing for the market, despite a pre-market rally in stock futures. The date on which stock index futures, stock index options, individual stock futures and individual stock options expire at the same time. In this case, market volatility will rise. However, reports suggested that the expiry of $3.5 trillion in options could lead to short covering, which could temporarily ease pressure on the stock market.

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.

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Risk Warning : Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. 

Risk Warning:
Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Lepanto Financial Advisers Limited is the holding company of Ultimate Pinnacle Limited. (Address: Fifth Floor, Suite 23, 63/66 Hatton Garden, London, England, EC1N 8LE). All services and products accessible through the site www.upfxtrade.com are provided by Ultimate Pinnacle Limited with the registered address Suite 305, Griffith Corporate Center P.O Box 1510, Beachmont Kingstown St.Vincent & the Grenadines.

Ultimate Pinnacle Limited is a limited liability company established in Belize as an operating subsidiary within the Lepanto Group of companies (collectively “Ultimate Pinnacle”) under Registration No. 173474 and having its registered address at No. 1 Corner of Hutson Street and Marine Parade, Belize City, Belize.

Lepanto Financial Advisers Limited is the holding company of Ultimate Pinnacle Limited. (Address: Fifth Floor, Suite 23, 63/66 Hatton Garden, London, England, EC1N 8LE). All services and products accessible through the site www.upfxtrade.com are provided by Ultimate Pinnacle Limited with the registered address Suite 305, Griffith Corporate Center P.O Box 1510, Beachmont Kingstown St.Vincent & the Grenadines.
Ultimate Pinnacle Limited is a limited liability company established in Belize as an operating subsidiary within the Lepanto Group of companies (collectively “Ultimate Pinnacle”) under Registration No. 173474 and having its registered address at No. 1 Corner of Hutson Street and Marine Parade, Belize City, Belize.

Lepanto Group Pty Ltd is authorised and regulated by the Australian Securities & Investments Commission, ASIC (ACN: 072 424 830)

Ultimate Pinnacle Limited is a company authorised and regulated by the National Futures Association (NFA ID: 0537666)

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