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Market News The technical surface of the international gold price is bearish, and the bottom support looks at $1824

The technical surface of the international gold price is bearish, and the bottom support looks at $1824

On Friday (June 10), international gold prices continued to fall, as U.S. bond yields rose, raising the cost of holding gold, a non-yielding asset. Investors are awaiting upcoming U.S. inflation data for clues on the Federal Reserve's future monetary policy. The technical aspect of gold prices is bearish, and the bottom support is looking at $1,824.

2022-06-10
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On Friday (June 10), international gold prices continued to fall, as U.S. bond yields rose, raising the cost of holding gold, a non-yielding asset. Investors are awaiting upcoming U.S. inflation data for clues on the Federal Reserve's future monetary policy. The technical aspect of gold prices is bearish, and the bottom support is looking at $1,824.

At 14:50 GMT+8, spot gold fell 0.20% to US$1,844.33 per ounce; the main COMEX gold futures contract fell 0.33% to US$1,846.7 per ounce; the US dollar index fell 0.15% to 103.151.

The US is due to release May inflation data at GMT+8 20:30. The market expects that the overall and core CPI of the United States are expected to rise by 8.3% and 5.9% year-on-year respectively in May. It is difficult for the Fed to shake its aggressive rate hike stance. Fed's June and July forecasts

The survey showed that the Fed will continue the pace of May rate hikes in June and July - continuing to raise interest rates by 50 basis points each. The likelihood of continuing to take similar steps in September has also increased, and the Fed's current cycle of rate hikes will continue into next year.

Stephen Innes, managing partner at SPI Asset Management, said: "The market is in consolidation mode this week ahead of key U.S. CPI data tonight. The data could have a big impact on the Fed's policy direction beyond September."

Innes said a strong CPI reading could signal a more aggressive Fed, with gold testing $1,825 and a further dip to $1,800 expected; a dovish reading could have the opposite effect.

"The Fed's hawkish stance, rising real interest rates and a stronger dollar have overshadowed the gold market, and the gradual exit of extremely loose fiscal and monetary policy has weighed on sentiment," ANZ Research said in a note.

From the daily chart, the price of gold may start a downward iii wave trend from $1,874, and the lower support looks at the 23.6% target of $1,824. Wave iii is a sub-wave of the descending (c) wave that started at $1998. Wave (c) belongs to wave ((c)) that started at $2070.
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