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Market News [Market Evening] International Gold Price Fell Below 1800, A New Low for 6 Weeks

[Market Evening] International Gold Price Fell Below 1800, A New Low for 6 Weeks

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TOPONE Markets Analyst
2022-07-01
691

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As of 17:00 (GMT+8), spot gold fell 0.723% to $1793.77/oz, and spot silver fell 2.328% to $19.766/oz.


Comment: The international gold price fell below the important psychological mark of $1,800, hitting a new low of $1,795.04 per ounce since May 16, as major central banks adopted aggressive monetary policies and the dollar rose, weakening the appeal of gold. But the market is also forming a view that the worst may be over for the gold market.


Suggestion: short spot gold at 1793.70, and the target point is 1779.70.


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As of 17:00 (GMT+8), the US dollar index rose 0.258% to 104.75, EUR/USD fell 0.227% to 1.04538; GBP/USD fell 0.495% to 1.21116; AUD/USD fell 1.460% to 0.68048; USD /JPY fell 0.216% to 135.433.


Comment: Both the Fed and the European Central Bank are looking to raise interest rates to control record inflation. In June, the Fed raised its benchmark interest rate by 75 basis points to a range of 1.5%-1.75%. Federal Reserve Chairman Jerome Powell has hinted that another rate hike is likely in July. Most market participants expect the Fed to raise interest rates until at least the end of next year. But not everyone agrees with this view.


Suggestion:  short EUR/USD at 1.04550, and the target point is 1.04190.


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As of 17:00 (GMT+8), WTI fell 0.294% to $104.277/barrel; Brent rose 0.034% to $108.429/barrel.


Comment: The decline in international oil prices has converged. Despite lingering fears of a recession among investors, which plunged nearly 3% in the previous session, OPEC+ has temporarily avoided discussing industrial policy in September and beyond, leaving markets in suspense. U.S. President Joe Biden also said he would not directly urge Saudi Arabia to increase oil production. We believe that OPEC and the US will try to avoid a repeat of the negative price disaster that hit the market two years ago, and they will increase production cautiously.


Suggestion: short US crude oil at 104.500, and the target point is 101.270.


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Long-term holders of Bitcoin are starting to suffer the same losses as previous bear markets, and the pain is likely to continue, or even get worse.


Long-term bitcoin holders are facing their biggest losses since the March 2020 capitulation and the 2018-2019 bear market, but may have to continue to wait for relief.


By calculating the value of bitcoin deposited on exchanges, as of May 29, realised losses for long-term bitcoin holders (LTH) have accumulated more than 0.006% of market cap.


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The Taiwan Weighted Index fell 3.184% to 14388.3 points;


The Nikkei 225 index fell 1.337% to 26016.0 points;


Hong Kong's Hang Seng Index fell 0.748% to 21885.0 points;


Australia's S&P/ASX 200 rose 0.140% to 6,584.35.


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21:45(GM+8):


U.S. June Markit Manufacturing PMI Final Value


22:00(GM+8):


US June ISM Manufacturing PMI


US June ISM Manufacturing Employment Index


US June ISM Manufacturing Price Payments Index


U.S. June ISM Manufacturing Inventory Index


All U.S. car sales in June (10,000 units)


22:30(GM+8):


Mexico's June Markit Manufacturing PMI


US May Dallas Fed PCE Index (%)

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