The European Parliament elections led to a rise in the US dollar on Monday Gold rebounded after oversold, with upward resistance starting at $2,320

11 Jun, 2024

On Monday (June 10th), due to recent strong US economic data, the US dollar index rebounded slightly.

On Monday (June 10th), due to recent strong US economic data, the US dollar index rebounded slightly. However, due to market expectations that Wednesday's US CPI data may show a cooling of inflation, the US dollar index rebounded most of its gains in the US market after reaching 105.39, and ultimately closed up 0.19% at 105.13. The 10-year US Treasury yield ultimately closed at 4.4660%. The yield on the 2-year US Treasury, which is most sensitive to the Federal Reserve's policy interest rates, ultimately closed at 4.8890%.

 

Gold prices rebounded on Monday after hitting their largest daily decline in three and a half years on the previous trading day, closing around $2310.71/ounce as investors waited for US inflation data and the Federal Reserve's interest rate decision later this week. In addition, attention should be paid to the resistance around 2314.64, which provided support to gold prices several times before last Friday's decline. It has now transformed into a strong resistance position, and there is still a risk of further downward movement in the future gold prices before breaking through this position.

 

Due to the expected increase in fuel demand during the summer, international oil prices surged by about 3% on Monday (June 10th). WTI crude oil closed up 3.77% at $78.19 per barrel; Brent crude oil rose 2.98% to close at $81.84 per barrel.

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