Brief description of the market
Yesterday, the US MAY PCE price index increased by 6.3% year-on-year, better than the market expectation of 6.4%, the previous value of 6.3%, the smallest increase since November 2020, the core PCE price index increased by 4.7% year-on-year, the growth rate is the lowest since November last year, expected 4.8%, the previous value of 4.9%. The ATLANTA Fed GDPNow model predicts that U.S. GDP will shrink by 1 percent in Q2, compared with an earlier forecast of 0.3 percent growth. Russia's withdrawal from Ukraine's Snake Island shows that Russia is not preventing agricultural products from being shipped out of the black sea, while OPEC+ approves the August production increase plan to increase the prospect of inflation easing. Optimistic about the easing of inflation expectations, U.S. index and U.S. Treasury yields fell back, and gold and silver broke down. As of June 30, the world's largest gold-backed ETF, SPDR Gold Trust, had gold holdings of 1,050.31t, down 2.32t from the previous day. BlackRock's iShares Gold Trust (IAU) gold holdings were 510.16t, down 0.74t from the previous day. The world's largest silver ETF, the U.S. iShares Silver Trust (SLV), held 16,817.94t in silver ETF, down 17.22t from the previous day.
Technical analysis
Gold and Silver Daily
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