newmobilecasinosnodepositbonus| Everbright Futures 0524 Opinion: Multiple negative suppression, short-term pressure on gold prices

On Friday, Shanghai Gold's main contract, 2408, fell 1.5%.newmobilecasinosnodepositbonus.72%, closing down to 554.48.

Judging from the market situation, the main disturbing factors may be as follows: the Federal Reserve's eagerness trend and the strengthening of U.S. economic data.

Let's look at the Federal Reserve first. The minutes of the Federal Reserve's May monetary policy meeting revealed that most officials agreed that interest rates needed to be maintained at high levels for a longer period of time. Some even believed that interest rate hikes were not out of reach and pointed out that they were willing to do so if needed.newmobilecasinosnodepositbonusWhen policies were tightened, the tendency to be biased greatly depressed market sentiment.

Let's take a look at the economic data.

Overnight, PMI data in all dimensions released by the United States showed varying magnitudes of increase. Specifically, the initial value of the S & P global manufacturing PMI in the United States rose to a new high in two months in May; the initial value of the service industry PMI also exceeded expectations and rose from the previous value, reaching a new high in 12 months; the initial value of the comprehensive PMI rose to a new high in 25 months.

In addition, the job market has changed from its month-to-date weakness. The number of initial jobless claims has fallen back after rising beyond expectations for two consecutive weeks, showing a positive trend. Data showed that the number of initial jobless claims in the United States for the week ending May 18 fell lower than the expected value (220,000) and the previous value (revised to 223,000), recording 215,000.

On the whole, the Federal Reserve's monetary policy is biased towards eagle, and many officials have also spoken more "eagle language" in their speeches. Coupled with the strengthening of economic data, expectations of interest rate cuts may be blocked again, market sentiment has cooled, and gold prices may be under pressure in the short term. Focus on the implementation of core PCE data that the Federal Reserve is most concerned about next week.

Source: Wind, Everbright Futures Research Institute

Written by: Shi Yueming

Qualification: F03097365

Investment consulting qualification: Z0017563

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