Go long on gold pullback.

The conflict between Israel and Iran continues to escalate. Israel launched air strikes on Iran's nuclear facilities and Iran threatened to block the Strait of Hormuz, exacerbating market risk aversion. If the situation in the Middle East deteriorates further (such as the blockade of the Strait of Hormuz), gold may fluctuate by more than $50 a day. The Federal Reserve will announce its interest rate decision on June 19. The market generally expects the interest rate to remain unchanged, but is paying attention to whether Powell will send a signal of a rate cut. The monthly rate of U.S. industrial output in May was -0.2%. Lower than expected, strengthening the expectation of economic slowdown, which may affect the policy path of the Federal Reserve; the US dollar index rose slightly by 0.12% to 98.26, partially offsetting the safe-haven buying of gold; if the US dollar strengthens further, it may suppress the upward space of gold prices; gold opened higher today, reaching a high of 3396.21 and then fell sharply to 3370.60 US dollars/ounce, and then gold oil rose sharply to 3399.93 US dollars/ounce. This morning, gold fluctuated widely, ups and downs, and the 1-hour gold price ran above the middle track of Bollinger. The general direction of gold is still bullish, pay attention to the support of 3382. In terms of intraday operations, we recommend going long after stepping back, and then consider going short at high levels.

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