Group 1 - COMEX gold inventory recorded at 1175.22 tons on June 19, showing a decrease of 0.01 tons from the previous trading day [1][2] - COMEX gold price closed at 3387.40 USD/ounce on June 19, with an intraday high of 3405.20 USD/ounce and a low of 3363.60 USD/ounce, reflecting a slight increase of 0.03% [1] - The Federal Reserve maintained its benchmark interest rate in the range of 4.25%-4.50%, aligning with market expectations, while indicating potential rate cuts later in the year [3] Group 2 - Despite geopolitical tensions regarding Iran, including potential military action by the U.S. and recent airstrikes by Israel, gold prices did not sustain a safe-haven rally [3] - The cautious tone from Federal Reserve Chairman Powell regarding inflation and monetary policy has supported the strength of the U.S. dollar, which in turn limited the rise in gold prices [3]

Group 1: Fundamental Analysis - Geopolitical risks are supporting gold prices due to the escalating conflict between Israel and Iran, with the U.S. increasing military presence in the region, raising concerns about further conflict escalation [3] - The U.S. dollar strengthened significantly, with the index rising 0.7% to 98.83, while U.S. retail sales data showed a larger-than-expected decline of 0.9% in May, indicating consumer caution amid trade uncertainties [4] - The market is cautious ahead of the Federal Reserve's interest rate decision, with expectations that the policy rate will remain unchanged at 4.25%-4.50%, despite calls from President Trump for a one percentage point cut [5] Group 2: Technical Analysis - On the daily chart, gold prices are in a state of indecision after a significant drop, closing with a doji candlestick, indicating a search for balance between buyers and sellers [6] - The four-hour chart shows gold prices in an ascending wedge pattern, with key support at 3470/3463; a break below this level could signal a potential downward trend [9] - Resistance levels to watch include 3396 and 3420, with a breakthrough at 3396 potentially providing bullish momentum for gold prices [9]

Core Viewpoint - The article discusses the current challenges facing the gold market, particularly the impact of a strong US dollar and the dynamics between panic selling and institutional buying [1] Group 1 - The strong US dollar is exerting pressure on gold prices, raising questions about the potential for a rebound in the gold market [1] - There is a contrast between panic selling by retail investors and strategic accumulation by institutional players, indicating a complex market environment [1] - The article poses the question of when the downward trend in gold prices might stabilize, reflecting uncertainty in market sentiment [1]

Group 1: Economic Factors Supporting Dollar Strength - The scale and diversity of the US economy provide a solid foundation for the strength of the dollar, as the US is the largest economy globally with a GDP that has long been at the top [1] - The resilience of the US economy, characterized by its diverse industrial structure, enhances the stability of the dollar in the face of external shocks [1] Group 2: Financial Market Dynamics - The depth and liquidity of the US financial markets, including stock, bond, and foreign exchange markets, are crucial for the dollar's strength, making it the preferred currency for global investors, especially during market turbulence [3] - The transparency and regulatory framework of the US financial markets increase investor confidence in the dollar [3] Group 3: Monetary and Fiscal Policies - The monetary policy of the Federal Reserve significantly influences the dollar's trajectory, with interest rate adjustments impacting capital flows and dollar demand [3][4] - US fiscal policy, including spending and tax policies, directly affects economic growth and the fiscal situation, which in turn influences the dollar's value [4] Group 4: Innovation and Competitiveness - The US's leadership in technological innovation, supported by top-tier tech companies and research institutions, bolsters the dollar's strength by enhancing economic growth and global competitiveness [4] Group 5: Geopolitical and Military Influence - The military strength and geopolitical influence of the US contribute to the dollar's dominance, as military presence supports strategic interests and enhances the dollar's role in global trade [5] Group 6: Legal and Institutional Framework - The robust legal and institutional environment in the US, including intellectual property protection and market regulation, fosters economic stability and investor trust in the dollar [5] Group 7: Consumer Market Impact - The US consumer market, being the largest globally, plays a vital role in driving global economic growth and influencing the dollar's value through trade dynamics [6] Group 8: Energy Production and Export - The US's position as a leading energy producer and exporter significantly impacts global energy markets and, consequently, the dollar's strength through trade growth [7] Group 9: International Financial Center Status - The US's status as a key international financial center, with major hubs like New York and Chicago, enhances the dollar's credibility and influences global capital flows [8]