At the beginning of the Asian market on Thursday (June 30), spot gold traded around $1,817.80 an ounce, and the short-term gold price rose slightly. Due to the resistance from aggressive interest rate hikes and the influence of safe-haven buying driven by the risk of economic recession, the trend of gold is stalemate; the dollar is trading around 105.10, and Federal Reserve Chairman Powell said that the biggest risk to the US economy is persistent high inflation, not Higher interest rates will significantly slow economic growth
fed officials in recent days have reaffirmed their determination to rein in inflation, pushing market expectations for a second straight 75 basis point rate hike in July, and they expressed confidence that monetary tightening will not tip the economy into recession.
The U.S. economy shrank slightly more than previously estimated in the first quarter, Commerce Department data showed, as the trade deficit widened to a record high and a new wave of the coronavirus dampened spending on services such as entertainment. It came a day after a dismal consumer confidence report showed consumer expectations fell to their lowest level since March 2013.
The price of gold fell first, then rose and then fell yesterday, but the support was obvious near 1815. Today, it will rely on this support to be low and bullish. The pressure above is still 1835 and 1848 above.
Overnight, after the price of gold broke through 1827, the one-hour pattern bottomed, but the subsequent bottoming did not change its bottoming pattern. At present, the price of gold is running at the 1818 line, and the key point below is 1814. Strictly speaking, as long as it does not break below this level within an hour, the direction will remain bullish. If the pattern bottoms out in five minutes, you can continue to do more. . But if it falls below the 1814 price, then the direction will turn bearish.
According to the gold market center of Jintou.com, at 9:43 Beijing time, the spot price of gold today was temporarily reported at US$1819.03 per ounce.