On Monday (May 22) in the Asian session, spot gold maintained a volatile trend within the day. It opened at $1,977.19/oz today, with a high of $1,982.19/oz and a low of $1,976.16/oz. As of press timegold priceIt was at $1976.89 an ounce, down 0.03%.
The U.S. retail sales report showed that U.S. retail sales excluding autos and gasoline rose more than expected in April, highlighting the strength of consumer spending. It is experiencing a spring recovery after slowing down in February and March. Powell emphasized that the measures the Fed has used in the past to deal with the problems of mid-sized banks in order to control inflation have basically prevented the worst from happening.
Inflation is currently running well above the Fed’s target, but policy rates may not have to rise as high as before due to tighter credit conditions for banks. After Powell’s slightly dovish speech, he reduced his bet on the Fed raising interest rates again. At present, the market expects that the probability of the Fed’s interest rate hike pause in June has risen to 84%. Minneapolis Fed President Neil Kashkari, who is regarded as the “new eagle king”, also said that he may support a pause in raising interest rates in June.
Gold was blocked after setting a new record high in 2080, and fell back to the 2000 mark in a continuous cloud. Brother Bin has made it clear many times recently that gold is showing signs of peaking in the short term. Sure enough, it has now fallen below the 2000 mark as scheduled and then unilaterally went down to around 1950. Its trend is exactly in line with Bin’s expectations. I believe friends who follow Bin will understand. Although the current gold 1950 has been able to hold on, and has successfully rebounded to around 1985, the short position is already obvious.
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Editor in charge: Zhang Jingdi