In early Asian trading on Thursday (June 9), spot gold fluctuated between 1850.7 and 1854.4 after the opening, and is now reported at $1854.2 per ounce. Looking back on yesterday’s market, the market fell to a daily low of 1844.4 during the Asian-European session on Wednesday, and then started to rise. During the US session, the daily high was refreshed to 1859.4, and finally closed at 1852.9 US dollars per ounce, and a doji was closed on the daily line.

In the news, U.S. Treasury Secretary Yellen said recently that the current level of inflation in the United States is “unacceptable” and that inflation is expected to remain at a high level, suggesting that the Biden administration will raise its inflation forecast for this year. In addition, the market’s expectations for the Fed to raise interest rates have not changed. It is expected that the Fed will raise interest rates 4-5 times during the year. At present, the positive factors for gold include the rise in oil prices and the decline in US stocks, while the negative factors are the rebound in the US dollar and US Treasury bond yields, and the confrontation between long and short forces has caused gold to fluctuate in the near future. This week, we need to focus on the US May CPI data released on Friday. The previous value was 8.3% and the expected value was 8.2%. This data has the opportunity to provide guidance for the market trend.

Technically, spot gold received a cross star yesterday, and the market in early trading today revolved around the inter-district fluctuations. The daily cycle focuses on the upper resistance of 1862/1868, and the lower focus on the support of 1848/1840. On the 4-hour chart, the Bollinger Bands closed. Currently, the price of gold is running between the middle and upper rails, and there is no obvious direction. The KD indicator is death cross; on the 1-hour chart, the short-term is strong, and the KD indicator is golden cross. In general, the intraday market is likely to maintain a volatile trend, and it is recommended to operate around the support pressure position.

Resistance position: 1862/1868/1874

Support position: 1848/1840/1836

Investment Advice:

1. Long around 1850-1852, setting stop loss at 1846 and profit target at 1860/1866/1870.

2. Short around 1868-1870, setting stop loss at 1875 and profit target at 1860/1850/1840.

分析师：Mr.Chris Lau，独立分析师