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Gold's Asian market opened at US$/ounce in early trading on Wednesday (June 2), then fluctuated and then turned lower, with the price of gold fluctuating. The bulls in the European market made an attack and recorded an intraday high. The US dollar/ounce then turned lower, and the US gold price continued to decline. There was a straight dive during the session and recorded an intraday low. The US dollar/ounce bulls rose again after a brief consolidation. The price of gold stopped falling and rebounded, finally closing at USD/oz.
Gold jumped in the short term after the release of the Federal Reserve minutes on Wednesday (June 2), rising in a straight line. The price of gold stopped falling and rebounded. The intraday high in the US market reached .USD/Ounce. The US dollar index experienced a short-term dive, with The rise turned to fall. In the minutes, Fed members reiterated the path of gradual interest rate hikes and mentioned the downside risks posed by a stronger U.S. dollar. The minutes stated that the Fed would release a fan chart of estimated uncertainty levels for the first time in the minutes of its monthly monetary policy meeting. After the release of the minutes, the U.S. federal funds rate showed that the probability of raising interest rates has decreased, and gold has received certain support. The minutes of the Federal Reserve meeting stated that members supported a gradual increase in interest rates.
Jinhua Summary: The current market is relatively sensitive to one interest rate hike. After the monthly interest rate hike last year, it was pointed out that there are expectations for several rounds of interest rate hikes this year, which has increased the probability of a monthly interest rate hike. However, many voting members in the minutes of last night's meeting agreed that even if the future of the economy is unclear, the risks to the economy in the short term are roughly balanced. If inflationary pressure occurs, the Fed has "enough time" to respond. His remarks directly reflect the uncertainty and risk of the current Trump administration, which is undoubtedly good for gold. In the near future, we need to pay attention to Trump’s remarks, the details of his remarks, and the reaction of the US finger. If the U.S. index continues to strengthen, expectations for interest rate hikes will also increase.
Gold market analysis:
Gold rose strongly last night. Pay attention to the first-line resistance above. Before there is a breakthrough, the idea of high altitude, low and long gold remains unchanged. Pay attention to the bottom line, first-line support. , it is more likely to fluctuate within this range. Considering Yellen's previous hawkish tone, it is expected that the Federal Reserve meeting in the early morning will continue to maintain hawkish remarks, and beware of the risk of a decline in the late trading. The current shock idea remains unchanged. In Jinhua’s operation, it is recommended to continue to focus on range operations.
Gold operation suggestions:
. It is recommended to enter the market with long orders, stop loss, and look to the target direction
. It is recommended to enter the market with short orders, stop loss, and look to the target direction.
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