On Wednesday, the US CPI announced that US CPI rose 7% in December from a year earlier, continuing to hit a 40-year high. Commodity prices rose, and gold followed suit, climbing slightly to $1828 in intraday trading, rising for the fourth day in a row.
Overnight market in the United States released CPI data, the consumer price index (CPI) rose 0.5% month-on-month in December, making its year-on-year growth rate climbing to 7%, the highest in nearly 40 years. It is widely believed that the high inflation situation in the United States may continue in 2022, with commodity prices rising. Gold was supported by a sharp decline in the dollar index, falling below its low at the end of November. At the same time, we also saw a sharp rise in crude oil prices in the crude oil commodity market yesterday. The surge in novel coronavirus cases and the spread of Omicron variants are not expected to undermine the recovery in global demand. Fed Chairman Colin Powell said on Tuesday that he expected the economic impact of Omicron to be short-lived, adding that the economic outlook was likely to be very positive in the coming quarters after the mutation-driven surge in cases abated. A combination of facts-demand will be stronger than expected, while OPEC supply may not grow as fast as demand-is responsible for the rise in oil prices. Oil prices rose three times on Tuesday, strongly breaking the 80 mark, and their bullish momentum became stronger. Since Powell's speech, there has been a sharp rebound in market risk sentiment and a sell-off in the dollar, which has not only led to a good rise in major non-US currencies, but also a sharp rise in commodities denominated in dollars, which has also led to a cautious rebound in gold. But investors still need to be aware of the factors that affect the Fed's expectations of raising interest rates. We have seen US interest rate futures show that the Fed will raise interest rates at least three times in 2022 after the release of CPI data in December. The rising expectations of the Federal Reserve to raise interest rates have always been a big stone that is difficult to remove from gold, and gold bulls still need to be cautious.
Gold continued to rise yesterday, the daily line formed four Lianyang rise, and after yesterday's volume upward, recovered the previous decline lost ground. Close again to the upper track of the recent range. And the Yang K line is full. The momentum rose after the formation of the Japanese line. The moving average index is still messy and divergent for the time being, and the trend may still be inclined to wide shocks. The 4-hour dip rebounded to complete recovery, combined with the previous low of 1782. Formed a wave of rising space release, with the Xiaoyin K line sorting back to step on the momentum and then go up, the small cycle structure is relatively more, but the daily line and weekly line still failed to get out of the wide shock area, this kind of back and forth sawing materials will be staged over and over again. The support point is in the area of 1813-1815 in the middle rail of Bollinger Road in the one-hour map, and the critical point is near 1801. The upper part still needs to pay attention to whether the strong resistance area of 1831-1835 can be broken through.
