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In terms of economic data. The overall performance of economic data released last week was strong, which cooled market sentiment. Specifically, the job market has changed from its recent weakness, and the number of initial jobless claims has fallen back after exceeding expectations for two consecutive weeks, showing a positive trend. Data showed that the number of initial jobless claims in the United States for the week ending May 18 fell lower than the expected value (220,000) and the previous value (revised to 223,000), recording 215,000. In addition, multi-caliber PMI data in the United States was released, and PMI data in all dimensions showed varying magnitudes of increase. Among them, the initial global comprehensive PMI for the United States recorded 54.4 in May, a new high in 25 months. In terms of consumer confidence, the final value of the University of Michigan consumer confidence index in May also exceeded expectations (67.) It rebounded from the previous value (67.4), recording 69.1, and the U.S. economy may still have certain resilience.

The Federal Reserve. The minutes of the Federal Reserve's May monetary policy meeting were released last week, and the statement was generally biased. Officials said that if inflation is to fall further back to the target range of 2%, interest rates need to be maintained high for a longer period of time. Most officials believe that interest rate increases are not out of reach and point out that they are willing to tighten policies when needed. In addition, several officials have repeatedly sounded eagerness in their public statements. For example, Waller pointed out that continuing to maintain the current high interest rate for 3-4 months will not cause the U.S. economy to collapse, and their focus remains on inflation indicators.

On the whole, strong economic data combined with the Federal Reserve's eagle-leaning tendency has put pressure on gold prices in the short term. However, it should be noted that recent inflation data has returned to positive results. Data shows that the one-year inflation rate expectations in the United States fell back from expectations in May, recording 3.3%. The market's long-short game may intensify. Focus on the core PCE performance to be announced this Friday. If the core PCE goes down beyond expectations, the short-term performance of gold prices may be expected

Source: Wind, Jinshi Data, Everbright Futures Research Institute

Written by: Wu Aihua

Qualification: F3074355

Investment consulting qualification: Z0017696

Disclaimer: The opinions, suggestions and conclusions in this article are for reference only. The information in the report comes from public information. The relevant analysis and suggestions do not constitute the basis for investment operations of the products mentioned. Any investment decisions made by investors based on this are related to the company and the author has nothing to do with it.