A brief analysis of the fundamentals:
The U.S. May PPI monthly rate released on Tuesday (June 14) recorded a monthly rate of 0.8%, in line with market expectations, but still at a high level. Under the fermentation of the unexpected rise in inflation in the United States, the high PPI made the market's expectation of interest rate hikes by the Federal Reserve more aggressive. The US index and US bond yields continued to rise, and the price of gold fell again under pressure. It once touched the 1800 mark and finally closed at 1810.84. /ounce.
Spot Gold XAU 4-hour chart
A brief technical analysis:
From the 4-hour chart, the price of gold is still in a relatively obvious downward trend. It went out of the "inverted V-shaped reversal" yesterday and fell directly below the low of 1824. At the same time, the MACD is also under the zero axis. Volume, showing strong short power. Combined with the analysis of trend patterns and technical indicators, gold has a high probability of continuing the downward trend since March this year, and short-selling on rallies in the market outlook is a more appropriate operating rhythm.
Long-short turning point: 1820
Resistance: 1820.00 1838.00
Support level: 1800.00 1780.00