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Hello everyone, today XM Foreign Exchange will bring you "[XM Foreign Exchange Platform]: The US dollar index rebounded, and gold fell below the 3300 mark again." Hope it will be helpful to you! The original content is as follows:
On May 23, in the early trading of Asian market on Friday, Beijing time, the US dollar index hovered around 99.80. On Thursday, after closing down for three consecutive days, the US dollar index rebounded and returned to above the 100 mark for a time, but failed to stand firm here and finally closed up 0.32% to 99.93. The benchmark 10-year U.S. Treasury yield closed at 4.540%; the two-year U.S. Treasury yield closed at 4.001%. As the dollar strengthened and investors began to take profit after hitting a two-week high at the beginning of the session, spot gold rose first and then fell. It once reached a high of $3345.38 in the Asian session, hitting a new high in the past two weeks, but then the gold price fell by more than $65, falling below the $3300 mark, and finally closed down 0.64% to $3294.51 per ounce. Spot silver finally closed down 1.07% at $33.02 per ounce. Due to reports that OPEC+ is discussing increasing production in July, which has aggravated people's concerns about oversupply in the oil market. The two oils fell by more than 1% during the day. WTI crude oil continued to decline in the Asian session and plunged rapidly in the European session, approaching the $60 mark, but recovered some of the lost ground during the US session and finally closed down 0.91% to $60.64/barrel; Brent crude oil closed down 0.95% to $63.55/barrel.
Dollar Index: As of press time, the US dollar index hovers around 99.80. The U.S. House of Representatives passed President Trump’s tax bill by one vote, heightening concerns about rising national debt burdens. The bill is expected to increase the federal deficit by nearly $3 trillion over the next decade and is now awaiting a Senate vote expected in August. Technically, the US dollar indexThe number of trades below its moving average confirms a wider downtrend. Support is at 99.33 and 98.94, and resistance is at 100.32 and 100.48.
On Friday, gold trading around 3300.32. International gold prices have recently experienced a strong rise, rising for the third consecutive trading day on Wednesday, setting a new weekly high of $3324.76/ounce, and finally closed at $3315.14/ounce, a single-day increase of about 0.78%. This wave of upward trend is mainly driven by the weakening of the US dollar index and the intensified global geopolitical uncertainty, showing the unique charm of gold as a traditional safe-haven asset. This trading day will be released on PMI data in European and American countries in May, changes in the number of initial unemployment claims in the United States, and the total annualized number of existing home sales in April. Investors need to pay attention to it. In addition, we will continue to pay attention to the international trade situation, geopolitical situation and news related to the G7 meeting, and pay attention to the speeches of Federal Reserve officials.
On Friday, crude oil trading was around 60.68. International oil prices closed lower on Thursday as markets were concerned about rumors that OPEC could raise production in July, and investors weighed the supply and demand outlook, with fears that global crude oil supply could outweigh demand growth. According to Bloomberg, the Organization of Petroleum Exporting Countries and its allies (OPEC) are discussing whether to push for new production in July of 411,000 barrels per day at the ministerial meeting on June 1, but no final agreement has been reached.
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