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Gold Breaks Below 200-Day SMA, Eyes on CPI for Direction
Gold prices have decisively broken below the 200-day SMA, setting up a critical test ahead of the US CPI report. Analysts weigh a potential relief rally to $4,450 or a deeper decline toward $4,200.
Gold Breaches 200-Day SMA; US CPI Report Could Decide Next Move
Gold has broken below its 200-day moving average, a bearish technical signal. Traders now await the US CPI report, which could either trigger a rebound toward $4,450 or deepen the decline.
Iran Accuses US of Undermining Diplomacy with Ceasefire Violations
Iran's Foreign Ministry spokesperson stated during European trading hours that Tehran must reassess negotiation terms with Washington after overnight clashes.
US Apache Downing Near Strait of Hormuz Pushes Oil to Multi-Year Highs, Lifts Dollar
The downing of a US Apache helicopter near the Strait of Hormuz escalates Middle East tensions, driving crude oil prices to multi-year highs and boosting the US dollar as investors seek safe havens.
Kalshi Introduces Mandatory Workplace Verification for Traders on High-Risk Markets
Prediction market platform Kalshi now requires traders to verify their workplace when participating in markets deemed high risk for insider trading and manipulation. The company assigns risk ratings to new markets based on factors like corporate events, regulatory constraints, and national security.
BYD Halts $1 Billion Turkey Factory, Prioritizes Hungary
Chinese automaker BYD has quietly halted its planned $1 billion factory in Manisa, Turkey, nearly two years after the signing. A BYD executive confirmed there is no timeline for construction, with the company now focusing on its Hungary plant.
Analysts: Europe Underestimating Iran War Energy Shock
Analysts warn that European energy markets, which have remained calm since the outbreak of the war in Iran, may soon face a severe shock that governments are underestimating.
Copper Outlook Mixed as China Trade Data Send Conflicting Signals – ING
ING analysts note that China's copper trade data for May presents a mixed picture, with higher unwrought imports last month but lower year-to-date volumes amid stronger domestic refined production.
S&P 500 and Nasdaq Edge Lower as Tech Swings on AI Sentiment
Deutsche Bank's Jim Reid notes a volatile session for US equities, with a sharp intraday tech sell-off largely reversing by the close. The S&P 500 and Nasdaq finished modestly lower, while semiconductors also saw choppy action.
Oil Falls as Rabobank Flags Hormuz Transit Risks, Hidden Flows
Rabobank strategist Michael Every notes oil prices declined after the US energy secretary reported increased Hormuz transits, possibly involving US Navy crude movements not captured in official data.
Gold Enters Credibility Test as Inflation Repricing Reaches Inflection Point
Gold faces a key macro event as inflation expectations and interest-rate adjustments reach an inflection point, testing the metal's credibility.
China’s May inflation data shows steady CPI, rising PPI
China’s May CPI held at 1.2% year-on-year while PPI climbed to 3.9%, confirming a continued reflation trend. Food and property prices are keeping headline inflation subdued for now.
China May PPI Rises 3.9% YoY, Highest Since July 2022
China's producer price index (PPI) increased 3.9% year-on-year in May, above the consensus estimate of 3.8% and marking its third consecutive monthly rise to the highest level since July 2022.
Asian Markets: Equities, AI Credit, Iran Tensions Ahead of Oracle, CPI Data
Asian equity supply and AI credit deals are in focus ahead of Oracle's earnings. Cautious sentiment persists amid fresh Iran hostilities, while traders eye US May CPI and JP/CN inflation figures.
Central Europe Faces Low-Growth, High-Inflation Shift
The region appears to be entering a phase of sluggish growth and rising inflation, with downward revisions to growth forecasts for Czechia, Croatia, and Poland.
Iran's Foreign Minister Warns Gulf States Over US, Israeli Strikes
Iran's Foreign Minister Abbas Araghchi warned that Gulf states have a legal and moral responsibility to prevent American and Israeli strikes, as reported by The Guardian.
WTI Crude Flat Below $87.50 as Bears Eye 100-Day SMA Break
West Texas Intermediate crude oil is trading flat near the mid-$87.00s, failing to capitalize on a modest Asian session uptick as bears anticipate a breakdown below the 100-day simple moving average.
US CPI Expected to Show Inflation at Three-Year High in May
The May CPI report is expected to reveal consumer inflation at a three-year high, driven by persistent oil prices, reinforcing the Federal Reserve's hawkish stance.
Gold Price Forecast: XAU/USD Falls Below $4,200, Eyes $4,100 Ahead of US CPI
Gold extends its decline to a second day, dropping to three-month lows below $4,200 as traders focus on the upcoming US CPI data and escalating US-Iran tensions.
Iran Launches Ballistic Missiles and Drones at US Bases in Bahrain, Kuwait, Jordan
A wave of attacks involving at least four ballistic missiles and several drones targeted U.S. bases in Bahrain, Kuwait, and Jordan, according to Axios reporter Barak Ravid.
China Buys 10 Tonnes of Gold in May, Largest Since Jan 2025
China added 10 tonnes of gold to its reserves in May, the biggest monthly increase since January 2025, extending its buying streak to 19 consecutive months. Total official gold reserves hit a record 2,331 tonnes.
WTI Steadies Near $87.50 After Previous Day’s Drop
West Texas Intermediate crude oil stabilizes around $87.40 per barrel during Asian hours after falling more than 2.5% the previous day, as renewed supply concerns offset recent losses.
Xi and Kim Reach Consensus, Pledge Stronger Ties
Chinese President Xi Jinping and North Korean leader Kim Jong Un reached an important consensus during talks, with Xi calling his visit to North Korea a success. Both sides pledged to strengthen strategic ties and work to safeguard regional and global peace, per KCNA.
Supertanker Orders Surge to Record High, Exceeding 2008 Peak
The number of supertankers on order globally has hit a record 262, a more than 1,000% increase from two years ago, surpassing the 2008 record that later led to a market crash in shipping rates.