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Currently, spot gold is trading within a narrow range of $4,300 to $4,350 per ounce with a neutral trend. A breakout of this range will indicate the next directional move.The current consolidation pattern is forming a converging wedge. The final bullish or bearish outcome depends on which trendline the price breaks.If gold breaks above $4,350, it could confirm a bullish wedge (or a stronger pennant pattern), with a target range of $4,377 to $4,424. If it falls below $4,300, the wedge would be confirmed as a topping structure.On the daily chart, gold faces a resistance zone between $4,385 and $4,391, which consists of the 100% projection level of the minor c wave and the 86.4% projection level of the downtrend from $5,419.Given that the rebound from the $4,023 low may be driven by wave d (the fourth wave of the downtrend from $4,889), gold is more likely to pull back toward $4,229 rather than break through $4,391.

Odaily reported that analyst Rocky posted on X, stating that a whale has just placed a $21.2 million bet on Micron's downside. The contract is for MU $900 put options, expiring on June 26, 2026, with a premium of $21.23 million, trading volume of 7,311, open interest of 3,909, and an out-of-the-money rate of 13%. Notably, over 84% of the trading volume hit the ask price, indicating active buying of put options; this position exceeds the existing open interest, signifying a new bearish bet; the premium continued to rise throughout the trading session and closed near its peak; this is one of the largest semiconductor put option trades in the market today.

Golden Ten Data Futures, June 17 – This week, the situation in the Middle East took a dramatic turn, with a peace agreement about to be reached. As a result, crude oil prices experienced volatility followed by a broad decline, with the rate of change moving deeper into negative territory. According to calculations by Zhuochuang Information, as of the close on June 16, the crude oil rate of change on the ninth working day was -10.72%, and gasoline and diesel prices are expected to be reduced by 475 yuan/ton. With only one working day left until the pricing window closes, there is a high probability that retail prices for refined oil products will experience a significant reduction at 24:00 on June 18, with the final reduction possibly exceeding 500 yuan/ton. This will mark the first “two consecutive declines” of the year, and as the Dragon Boat Festival holiday approaches, consumers' fuel costs will be further reduced.