Comment on Gold on June 28, 2021

 Ending last week's session, precious metal Gold had a slight gain week when closing the week with a bullish candle.  However, the increasing force of this candle is not significant and the selling pressure of last week's candle is still quite strong, so in my opinion, the selling pressure will still be maintained in the beginning of the session.  this week.

 - In terms of daily time frame, Gold is moving sideways around 1772-1789.  Gold price touches the threshold of 1789, there is selling pressure so in my opinion we will continue to keep selling down around this price range and expect the price to retest the 1765 zone.

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Check out the news happening in the last 24 hours

 1️⃣ Yesterday's main news

 Biden said it had reached an infrastructure deal with senators from both sides.

 - The Fed will remove restrictions on bank stock buybacks and dividends.

 - US negotiators said they could resume talks on the Iran nuclear deal as soon as next week.

 The number of initial jobless claims in the United States fell last week.

 - The SEC is introducing requirements for the cryptocurrency trading business.

 - The Bank of England's hawkish signals fell short of expectations and the pound fell.

 India's Oil Minister urged OPEC to cut production as soon as possible.

 - Microsoft introduces the new Windows 11 system.

 - The reverse repurchase activity exceeded 10 billion for the first time in 3 months.

 2️⃣ Notable economic events and data today

 - The US will release core PCE data for May, which is the inflation indicator that the Fed is most interested in.

 - Tonight, the FOMC Standing Voting Committee and New York Federal Reserve Chairman Williams will deliver speeches.

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Check out the news that happened in the last 24 hours

  1️⃣ Yesterday's main news

 - Yellen said the US could hit the debt ceiling in August.

 - Fed officials Bostic, Kaplan said they will raise rates next year.

 - The Fed's first use of a fixed-rate reverse repo exceeds $800 billion.

 - US Democrats set a target in 24 hours to reach an infrastructure agreement between the parties.

 - The US Markit Manufacturing PMI in June hit a record high.

 - Meibu Oil once set a new 3-year high and inventories in last week's EIA fell sharply.

 - OPEC+ is said to be considering an output increase announcement at next week's meeting.

 The Iran nuclear deal is said to be nearing completion.

 - Mutant strains "Delta+" have been detected in India and a third wave of epidemics will occur in the future.

 - The Bank of England decision will be announced and Haldane, a hawkish official, will make one last appearance.

 2️⃣ Notable economic events and data today

 - The Bank of England will publish interest rate resolutions, policy statements and meeting minutes This meeting will be the last meeting of Haldane, the chief economist of the hawks.  Investors will be watching for signs of central bank tightening.

 - The United States will publish the first number of jobless claims for the week until June 19. At the same time, it will publish the final value of the first quarter annualized real GDP rate.  first quarter and core PCE of the first quarter.  annual price index quarterly rate final value.  Data-related performance can affect the volatility of the US dollar.

 - Tonight, the FOMC 2021 voting committee, Fed President Atlanta Bostic, Fed President Philadelphia Hack and New York Fed President Williams will deliver speeches.

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Weekly Market View on Gold

 Weekly changes: XAUUSD -5.62%

XAUUSD dropped to 1,764 USD after a Federal Reserve official said high inflation might call for the U.S. central bank to tighten its monetary policy next year. Gold is trading at its lowest levels since April, having the highest weekly loss in 15 months. Higher rates dampen demand for non-interest-bearing gold as an alternative asset.

Nevertheless, Fed Chair Jerome Powell has cautioned that discussions about raising interest rates would be 'highly premature'. His statement appears to be that the Fed is not going to do anything. They will allow this inflation spike to run its course, which the Fed believes will be transitory.

KEY POINTS

The important thing is that the Fed is not raising rates tomorrow. The Fed's plan suggests the earliest increase is 30 months away. Gold is highly oversold. Prices will probably struggle to mount a quick recovery since they broke several key technical levels in just two days.

Important levels: 1,678, 1,721, 1,769 , 1,790 , 1,816

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Check out the news that happened in the last 24 hours

  1️⃣ Yesterday's main news

 - Several senior Fed officials talked about the US economy and debt relief.

 Biden believes Congress will raise the debt ceiling.

 - The President of the European Central Bank said there is still room to cut interest rates.

 - Bank of Japan buys ETF for the first time in two months.

 Iran says "next round of nuclear talks could be last".

 - Microstrategy buys 13005 bitcoins.

 2️⃣ Notable economic events and data today

 - The FOMC voting committee and the San Francisco Fed president will speak at the Peterson Institute for International Economics videoconference.

 - Tomorrow, Fed Chair Powell will address Congress on COVID-19 response measures and the economic outlook.  Pay attention to relevant statements.

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Check out the news happening in the past week

  1️⃣ The main news last weekend

 Spot gold last week recorded its biggest weekly drop since March 2020.

 Fed Brad is expected to raise rates in 2022.

 Biden said they would review the two sides' infrastructure plans on Monday.

 - Iran's hardline candidate, Lacey is elected president of Iran.

 - Goldman Sachs expects Burundi Oil prices to average $80 per barrel in the third quarter.

 Former Tesla CEO sells $270 million in stock.

 - Bitcoin mining farm in Sichuan simultaneously cut off power.

 2️⃣ Notable economic events and data today

 - The listed interest rate of the one-year loan market from China to June 21.

 - Fed President St.  Louis Brad and Fed President Dallas Kaplan will deliver speeches on the economic outlook;  In addition, Fed Williams will speak at the next day.

 - European Central Bank President Lagarde opened the hearing of the European Parliament's Committee on Economic and Monetary Affairs.

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Check out the news happening in the past 24 hours

 1️⃣ Yesterday's main news

 - OPEC+ will continue to increase production in July,WTI crude oil hits high since October 2018.

 The Fed's federal funds rate fell for the first time since late April.

 - Fed Governor Brainard: Further progress is expected in the coming months.

 - All JBS beef processing plants in the US were forced to suspend production due to a cyber attack.

 India's central bank clarifies that cryptocurrency trading is not prohibited.

 - Erdogan says interest rates need to be lowered, Turkish lira plummets.

 2️⃣ Today's important facts and data

 - Today, the FOMC voting committee and Chicago Fed President Evans will deliver speeches on the current economic situation and monetary policy.

 - On Thursday, Minneapolis Fed President Kashkari, Atlanta Fed President Atlanta Bostic, Fed President Dallas Kaplan and Philadelphia Fed President Huck will attend an online conference on race and the economy.  At the same time, the Federal Reserve issued the Beige Book.

 - On Thursday, API crude inventories from the United States will be released for the week to May 28. The previous value fell by 439,000 barrels.

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