[Market Evening] The Rebound of International Gold Prices is Weak, the Dollar is Higher, and Gold Lacks the Strength to Fight

As of 17:00 (GMT+8), spot gold rose 0.341% to $1847.81/oz, and spot silver fell 0.281% to $21.984/oz.

Comment: The rebound of international gold prices is weak, as investors bet that the Fed will actively tighten monetary policy, driving the dollar higher. But higher interest rates could have negative consequences for economic growth, and gold investors remain cautious. U.S. Treasury Yellen is about to go to a congressional hearing and face a series of questions from lawmakers about how the Biden administration will handle thorny economic issues.

Suggestion: short Spot gold at 1847.70, and the target point is 1829.10.

As of 17:00 (GMT+8), the US dollar index rose 0.264% to 102.66, EUR/USD fell 0.124% to 1.06801; GBP/USD fell 0.273% to 1.24952; AUD/USD fell 0.131% to 0.71886; USD /JPY was up 0.565% at 132.637.

Comment: The euro pays attention to the support of 1.0680. If it falls, it will test the low of 1.0627 reached last week; the pound is blocked at 1.2600 and falls back, and it is expected to break below MA100; the Australian dollar must pay close attention to the support near 0.7140, if it falls below the correction range, it will be further deepen;

Suggestion: short the euro against the dollar at 1.06860, and the target point is 1.06260.

As of 17:00 (GMT+8), WTI fell 1.192% to $116.279/barrel; Brent fell 1.076% to $117.948/barrel.

Comment: International oil prices are higher, and there are doubts that the Organization of the Petroleum Exporting Countries and its partners (OPEC+) will increase production targets to ease supply constraints. OPEC+ wants to ensure a well-supplied market at a price that doesn’t hurt demand prospects, but it faces a widening credit deficit.

Suggestion: long US crude oil at 116.320, and the target point is 118.850.

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.

The Taiwan Weighted Index fell 0.512% to 16485.9 points;

The Nikkei 225 fell 0.248% to 27,935.5 points;

Hong Kong's Hang Seng Index fell 0.586% to 21502.2 points;

Australia's S&P/ASX200 index fell 1.343% to 7105.85.

20:30(GM+8):

U.S. trade account in April ($100 million)

Canada's April trade account (billion Canadian dollars)

22:00(GM+8):

Canada's May IVEY seasonally adjusted PMI.

Canada's May ivey unseasonably adjusted PMI.