On Thursday, paper gold stabilized at around 391 yuan/gram in the short-term, and the gold price rose slightly within the day , and the gold price range was adjusted.
Commerzbank: U.S. dollar strengthens, gold under pressure
Gold prices continued to decline, falling to their lowest level in nearly two weeks at $1,816 an ounce as the U.S. dollar strengthened sharply. Poor U.S. economic data appears to be behind the dollar’s strength – consumer confidence fell unexpectedly sharply in June;
Some investors believe that the fed will not raise interest rates so sharply after all, given the increasingly bleak economic outlook, so expectations for rate hikes have declined, which would reduce the risk of a recession to some extent. Another factor that could support the dollar’s strength is that European Central Bank President Christine Lagarde has rejected the idea of ​​raising rates by 50 basis points in July, saying a rate hike of that magnitude won’t happen until September.
Citi’s chief global equity strategist: 50% chance of U.S. recession
Citigroup’s chief global equity strategist, Robert Buckland, said Wednesday that he sees a 50 percent chance of a U.S. recession, leaning toward “cheap” defensive stocks. He also noted that growth stocks’ underperformance could stop as most of the pain they’ve faced is “basically over” and tech earnings could be stronger. Speculative tech stocks won’t return, but as real yield gains moderate and growth starts to gain traction, investors will be interested in some Nasdaq blue-chip stocks.
On Wednesday, the position of paper gold was shorted at 392 yuan/gram, which was basically the highest point in the white disk period. The lowest price of paper gold was shorted at around 388 yuan/gram. In the second half of the golden day, the price dropped and rebounded and engulfed all the declines in the white market, and the final price closed lower. The basis of this form of trading today still needs to go short around 395 yuan/gram.
The short-term paper gold traded around 391 yuan/g, and the intraday time correction position was in the 392 yuan/g area. This position was still the lowest price on the day of gathering, and it arrived directly empty. It can be seen that the center of gravity of the price of gold has clearly begun to decline significantly. Next, the target position of 390-388 yuan/gram will be on the lower side one by one, and the intraday trading will be directly empty at 392 yuan/gram.
According to the gold market center of Jintou.com, at 10:25 Beijing time, today’s paper gold price is temporarily reported at 391.43 yuan / gram.