Reported about 1 year ago
Provided by Yuanta Futures securities analyst Liu Jialun, compiled by Huang Yanhong on June 10, 2024, at 4:10 PM, the recent review reveals that the gold price has experienced a fierce rally since March, reaching a historical high in May. Despite retracements, buying support emerged near the quarterly line, and the technical aspect is once again showing a bullish trend above the monthly line. Observing since late May, the market's expectation for a Fed rate cut this year has been delayed, with some Fed officials turning hawkish, driving U.S. bond yields to over 4.6% on 5/29. However, gold prices showed resilience even as the U.S. dollar index and U.S. ten-year bond yields strengthened, indicating ongoing buying interest in gold on dips. The recent trend of gold prices strengthening near the quarterly line may be a result of central bank buying. Overall, CME's gold price currently presents a bullish pattern, despite concerns about a delayed Fed rate cut, there is continued buying interest on dips in the gold market. Therefore, it is not advisable to prematurely set high positions in anticipation of a resurgence in rate cuts. Reported by Commercial Times with World Bank lowering China's GDP growth forecast for this and next year, and Taiwan's TAIPOWER stating a dominant countdown of six days left for the sale of the first half of next year's shipping capacity with local investors striving for accounting tricks.
Source: YAHOO