Gold hits three-month low as Fed officials release hawkish signals

Fundamentals:

The three major U.S. stock indexes opened higher collectively. With the speeches of several Fed officials on interest rate hikes and inflation, U.S. stocks fluctuated less, and the three major indexes all turned green for a time. The Dow fell for four consecutive sessions, while the NASDAQ and S&P 500 both recorded small gains. The Dow Jones Industrial Average fell 0.26% to 32,160.74. The Nasdaq Composite rose 0.98% to 11,737.67.

The EIA short-term energy outlook report shows that the price of WTI crude oil is expected to be US$98.20/barrel in 2022, compared with the previous expectation of US$97.96/barrel; the natural gas price in 2022 is expected to be US$7.70/barrel, compared with the previous expectation of US$5.43/barrel. EIA predicts that the growth rate of global crude oil demand in 2022 is expected to be 2.22 million barrels per day, which was previously expected to be 2.42 million barrels per day.

Technical:

Dow: US stocks were mixed, the S&P 500 closed 0.25% at 4001.05 points, continuing to hit a new low for the year; the Dow closed 0.26% at 32160.74 points; the NASDAQ closed 0.98% at 11737.67 points. The Dow bears continued as expected, reaching the target position of 32222. After piercing the lower support, the Dow rebounded, focusing on the target position of 34121 at the top of the range.

US dollar: The US dollar index stabilized at a high level and finally closed 0.212% at 103.94. The yield on the 10-year U.S. Treasury bond extended its decline and finally closed at 2.989%. The US dollar index is consolidating at a high level and chasing long does not have the advantage of holding positions. Pay attention to the first support position near 102.3 below.

Gold: Spot gold rose first and then fell on Tuesday. In the U.S. session, all gains in the day were reversed, falling below $1,840/oz for the first time since February 11, and finally closed 0.8% at $1,839.94/oz. gold futures edged lower, hitting a new three-month low. Gold continued to fall short to reach the position near 1830 and then rebounded, with the target position of 1870 above the late concern range.

Crude oil: Yesterday, the two oil prices fluctuated lower. WTI crude oil fell below US$100/barrel, setting a new low since April 27, and finally closed 3.46% at US$99.02/barrel; Brent crude oil finally closed 3.56% at US$101.51/barrel. Crude oil prices fell below the target position of 106 and continued to fall to around 100, and crude oil prices rebounded from a half-month low. At present, it is cautious to chase the empty space, and pay attention to the callback near the first target position of 105.

(The above analysis only represents the analyst's point of view, the forex market is risky, and investors should be cautious)