Daily Gold | The White House implies that inflation continues to rise, and international gold prices are under pressure downward.

Guest: Gold Investment Analyst Lu Jun

After a long time of brewing, the international gold price was the support line formed by the ups and downs formed in March 2021 last week, which also created the continued weakness of the past two trading days this week. At present, international gold prices have fallen below $ 1730/ounce, and the short -term trend is still weak.

Tonight will usher in the announcement of the June Consumer Price Index (CPI) data in the United States, but before the data was announced, American White House officials blown again in advance, saying that the CPI will continue to rise in June. This seems to be similar to the scene in May. At that time, the White House officials released the May CPI to rise in May, and the May CPI announced in May not only exceeded April, but also exceeded the growth rate of March.

This time, the expectation of the CPI rebound over the market again has caused market disturbing emotions to rise. The Federal Reserve has raised interest rates three times, a total of 150 basis points, but it has not reduced the inflation data of CPI, but is becoming more and more strong. This has to worry about the market. Whether the Fed is capable of controlling inflation, and whether the Fed will continue to expand interest rate hikes next.

The strong CPI expectations and strong interest rate hike expectations, superimposed on the economic downturn, make the capital market overall. The commodity market is not only weakened because of concerns about economic prospects, but also under pressure due to the continued strength of the US dollar exchange rate. The international gold price has also become weak under the pressure of the US dollar. At the same time, the yield of US bonds came out of a wave of strong counterattacks, and it still showed a high oscillating trend, which also suppressed the price of gold.

Taken together, the Federal Reserve's strong interest rate hike continues to put pressure on international gold prices, and whether the continuous high of inflation can alleviate the decline in gold prices still requires observation. At least because the gold price is currently broken down the downward market, it is difficult to find a new support platform, and it is difficult to improve for a while. From the perspective of the market trend, the support below the gold price is located near $ 1705/ounce, and the pressure above is at $ 1735/ounce. Breakout can alleviate the disadvantaged pattern within the day.

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