June marks the beginning of the second half of the year and the end of the second quarter. For most of the first half of the year, gold prices were constrained by concerns that the U.S./Iran War, which triggered a surge in oil prices, would necessitate interest rate hikes by the Federal Reserve to curb inflation, resulting in a fluctuating downward trend.

Given that US crude oil prices remain high, while investors’ expectations for the Federal Reserve to maintain interest rates at its June meeting haven’t changed significantly, their vigilance regarding the possibility of a rate hike this year remains. This interest rate factor is likely to continue to suppress gold prices in the short term, and the probability of gold prices bumping into big resistant around $4,613 in the short term is quite high.

A short position can be established around $4,613, with a short-term target of $4,489 for profit-taking and a stop-loss at $4,633.

Gold price chart (1 hour):

Ferris Kwok

Chief Analyst
Success Finance Group

Email: ferris.kwok@successfn.com