[Market Evening] International Gold Prices are Under Pressure, and U.S. Inflation Expectations May Push the Fed to a Dead End

As of 17:00 (GMT+8), spot gold fell 0.234% to $1848.66 an ounce, and spot silver fell 0.322% to $21.957 an ounce.

Comment: International gold prices are under pressure, subject to rising U.S. bond yields, reducing the attractiveness of non-yielding gold. Investors were cautious ahead of U.S. inflation data, which is expected to affect the Fed's path to rate hikes. IMF officials believe there is a risk of "unanchored" inflation expectations. Higher interest rates may be needed to ease the tight supply of goods and labor.

Suggestion: Go long spot gold at 1848.80 and target at 1873.70.

As of 17:00 (GMT+8), the US dollar index rose 0.039% to 102.58, EUR/USD fell 0.071% to 1.07082; GBP/USD fell 0.128% to 1.25180; AUD/USD fell 0.185% to 0.71803; USD /JPY fell 0.353% to 133.745.

Comment: EUR/USD is hovering around the 1.0700 level, waiting for today's decision by the European Central Bank. If the meeting makes it clear that interest rate hike intentions are likely to hit the water level of the recent overhead resistance of 1.0780, GBP/USD is still barely above the middle of the Bollinger Band. The RSI is near the 48 equilibrium line, pointing to an uncertain point; the AUD/USD exchange rate fell below the 20-period moving average, and the technical indicators are showing signs of turning down. We must beware of the risk of short-term AUD continuing high and profit reduction;

Suggestions: short the euro against the dollar at 1.07130, and the target point is 1.06560.

As of 17:00 (GMT+8), WTI fell 0.575% to $119.908/barrel; Brent fell 0.315% to $122.132/barrel.

Comment: International oil prices fell as data released overnight showed that U.S. business inventories rose last week. However, at the peak of summer gasoline demand, inventories are expected to continue to decline sharply in the coming months, and the expansion of OPEC+ production increases will not be enough to cover the supply and demand gap, which supports the bullish sentiment.

Suggestions: long U.S. crude oil at 119.960, and the target point is 122.850.

The Securities and Exchange Board of India (SEBI) told the Parliamentary Standing Committee on Finance that the decentralized nature of crypto assets makes any consumer protection or regulatory enforcement of this asset class challenging. The market watchdog emphasized the need to clarify whether crypto assets are securities. SEBI noted that "if crypto assets are not banned, then the characteristic-based characterization of tokenized versions of assets is required, which may attract scrutiny from regulators in different sectors."

The Taiwan Weighted Index rose 0.251% to 16608.5 points;

The Nikkei 225 rose 0.650% to 28320.5 points;

Hong Kong's Hang Seng Index fell 1.053% to 21901.0 points;

Australia's S&P/ASX 200 fell 0.447% to 7038.05.

20:30(GM+8):

U.S. initial jobless claims for the week ended May 30 (10,000)

U.S. continuing jobless claims for the week ended May 30 (10,000)

22:30(GM+8):

U.S. EIA Operational Natural Gas Extended Flow (billion cubic feet) for the week ended June 3

Changes in U.S. EIA natural gas inventories for the week ended June 3 (billion cubic feet)

U.S. June 9 4-Week Treasury Auction - High Allocation Percentage (%)

U.S. Treasury auction on June 9 for four weeks - bid multiple (times)

US June 9 4-Week Treasury Auction - High-Interest Rate (%)