Tonight, Jerome Powell, the chairman of the Federal Reserve, will speak again. Whether he will confront Trump head - on is something worth looking forward to. However, it is certain that the Federal Reserve will not raise or cut interest rates today. It will keep the current interest rate. Whether there will be a rate cut in June depends on what Powell says. Therefore, there is great uncertainty about the fluctuation of the gold price tonight. No one can guess whether Powell will be hawkish or dovish now. But I think that regardless of his stance, the medium - and long - term trend of the gold price is optimistic. If he really makes remarks unfavorable to gold, which lead to a temporary slump in the gold price, it may instead be an opportunity for those who haven't bought or are on the sidelines to buy at a low price. So don't pay too much attention to Powell's speech. Moreover, this old man is likely to give a very tactful speech. I think he is very likely to neither offend Trump nor sacrifice the independence of the Federal Reserve. So his speech is likely to be very tactful. Therefore, regarding the fluctuation of the gold price, we need to see his attitude in the speech. Judging from the current performance of the gold price, it has actually shown a standard four - wave adjustment in 5 minutes. When will this four - wave adjustment end? It is likely to be a volatile adjustment during the day today, lasting until the European session or even tonight. After tonight, if the adjustment ends and the support level is clear, then the fifth wave is likely to start. Of course, if Powell's speech at 2:30 a.m. is also favorable to gold, the fifth wave will be even more promising. So we can wait and see what kind of stance Powell will take in front of the world.
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