Overnight market review (2022.6.16) In the New York session, at 20:30 Beijing time, the United States announced the retail sales of the United States in May, which is the market-focused terror data. As a result, the performance of the data was significantly lower than expected. After the data was released, the spot gold price quickly rose by $5 in the short-term. As the market is concerned about the Fed’s interest rate decision later, the impact of this data on gold prices is relatively limited.
Global gold markets: Gold rebounded on Wednesday after the Federal Reserve announced the largest U.S. interest rate hike since 1994 and signaled economic risks. Gold futures rose 0.3% to $1,819.60 an ounce.
At noon in the Asian market on Thursday, gold spot and futures prices hovered above $1,830. Investors have digested the Fed’s large-scale interest rate hikes, and Powell also said that interest rate hikes of this magnitude are not recurring, but monetary policy gains The tight outlook still holds back further upside for gold.
U.S. stock futures fell and U.S. bond yields resumed their rally, amid fears of a recession as the Federal Reserve tightens policy aggressively. After the Fed’s June meeting, Wells Fargo sees a more than 50% chance of a recession now.
Trading strategy deployment: it is recommended to go short at high levels
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