国际黄金延续区间整理

Core Viewpoint - The international gold price experienced a decline on June 18, closing at $3368.67 per ounce, down by $18.91 or 0.56% from the previous day, with a daily high of $3399.79 and a low of $3362.39 [1] Gold ETF Holdings - As of June 18, the gold ETF holdings increased to 947.37 tons, up by 1.43 tons from the previous trading day, indicating a rise in buying interest and a bullish sentiment towards gold [2] Market Influences - The Trump administration's tariff policies have become a focal point in the market, with Federal Reserve Chairman Powell indicating that commodity price inflation is expected to rise this summer, as some tariff costs will be passed on to U.S. consumers. Customs revenue reached $23 billion in May, nearly quadrupling year-on-year, highlighting the significant impact of high tariffs on import costs [2][3] - The inflation expectations driven by tariffs may provide medium-term support for gold prices, as gold is traditionally viewed as an inflation hedge. However, short-term factors such as a strengthening dollar and the Federal Reserve's cautious monetary policy stance may limit upward movement in gold prices [3] Technical Analysis - The recent decline in gold prices suggests a weak short-term outlook, as it failed to return above the 5-day moving average. However, it remains above the mid-range and shows signs of potential recovery, with long-term moving averages providing support [4]