Daily Gold Review | Gold Price C-Wave Pullback Continues, Watch for Key Support Below
In terms of fundamentals, geopolitical tensions and expectations for Federal Reserve policy continue to play out. The U.S. military maintains its port blockade, while Iran reiterates its right to safeguard the security of the Strait of Hormuz. Meanwhile, U.S. gasoline prices have skyrocketed to the highest in nearly four years, and Brent crude oil is up more than 40% from levels prior to the conflict. According to the World Bank, if Middle East tensions end in May, energy prices will rise by 24% by 2026; if the situation escalates, the average price of Brent crude oil could reach $115 per barrel.
High oil prices are intensifying inflation concerns, further suppressing expectations for Federal Reserve rate cuts. The market has already priced in that the Federal Reserve is likely to keep rates unchanged at this week’s policy meeting, with the probability of a rate cut in June or July continuing to decline. In addition, tonight (22:00 UTC+8), the Senate will vote on the nomination of Walsh as Federal Reserve Chair, which deserves close attention.
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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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