Mt4.mt5 trading market: international gold prices continue to be bearish

On Friday (June 10), the international gold price continued to fall, as the rise in US bond yields raised the holding cost of non yield asset gold. Investors are waiting for the upcoming U.S. inflation data to find clues about the future monetary policy of the Federal Reserve. The technical side of gold price is short, and the lower support looks at $1824.

At 14:50 Beijing time, spot gold fell 0.20% to US $1844.33 / ounce; COMEX gold futures contract fell 0.33% to $1846.7 / ounce; The dollar index fell 0.15% to 103.151.

The United States will release inflation data for may at 20:30 Beijing time. The market expects that the overall and core CPI of the United States in May are expected to rise by 8.3% and 5.9% year-on-year respectively. It is difficult for the Federal Reserve to shake its aggressive interest rate hike attitude. Fed June and July forecast

The survey shows that the Federal Reserve will continue to raise interest rates in June and July by 50 basis points each. The possibility of continuing to take similar measures in September has also increased, and the current cycle of interest rate hikes by the Federal Reserve will continue until next year.

Stephen Innes, managing partner of SPI asset management, said, "the market is in a consolidation mode this week before the release of key CPI data tonight. The data may have a significant impact on the policy direction of the federal reserve after September."

Innes said that the strong CPI reading may indicate that the Federal Reserve will be more aggressive. The gold price will test $1825 and is expected to fall further to $1800; But if the data is moderate б It may have the opposite effect.

The research department of ANZ said in a report, "the hawkish stance of the Federal Reserve, the rise of real interest rates and the strengthening of the US dollar have eclipsed the gold market, and the gradual withdrawal of extremely loose fiscal and monetary policies has put pressure on market sentiment."

On the daily chart, the gold price may start the downward III wave trend from US $1874, and the lower support looks towards the 23.6% target of US $1824. III wave is the sub wave of downward (c) wave since 1998 US dollar. (c) The wave belongs to the ((c)) wave started from US $2070.