SMM6 5-month news: Shanghai gold market ushered in a blowout, today again closed a Dayang line, four Lianyang after the price hit a new high since April 2013. U. S. gold prices close to the February 20 high, nearly five trading days skyrocketed four days, full firepower. On May 31, gold prices soared $17, breaking through the downward track, thus announcing the return of the king of gold, but current RSI indicators show that gold is suspected of overbuying.
The recent interest rate cut by the RBA has triggered concern in the market about the wave of interest rate cuts, while the manufacturing indices of the world powers in May are not satisfactory. There is still no sign of easing the trade war between China and the United States. The US bond yield continues to hang upside down, and the risk aversion function of gold has been greatly sought after. The yen, a safe-haven currency, has also been doing well recently.
Gold prices are expected to rise in June as stocks become more volatile and Treasuries fall, Fushitong (INTL FCStone) said in a report on Tuesday. Analysts pointed out that gold prices traded within a narrow range for most of May, but soared at the end of May, helped by escalating trade tensions. Weakness in the stock market and a decline in the bond market supported the gold market. "We expect gold prices to be in a higher range in June," INTL FCStone said. "