22/06/2026
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MONDAY MARKET BRIEF 22 June
A calmer week after the central bank storm, but the hawkish Fed is still steering everything. The dollar is strong and gold is on the back foot.
Where we are:
The Fed delivered a hawkish hold last week under new chair Warsh. The dot plot showed half the committee now expects rate hikes this year. The dollar climbed to its highest since May 2025 and is holding near 100.8. Gold fell hard and the trend has turned down.
This week is quieter:
No central bank decisions, but a heavy run of Fed speakers all week will keep reinforcing the hawkish message. The market is still digesting the shift.
The key events:
πͺπΊπ¬π§πΊπΈ Tuesday flash PMIs across Europe, the UK and the US
π¦πΊ Wednesday Australian CPI and German ifo
πΊπΈ Thursday US Core PCE, the Fed's favourite inflation gauge, forecast 0.3 percent
Thursday is the one to watch:
Core PCE is the single most important number this week. If it comes in hot, it reinforces the hawkish Fed and pressures gold further. If it cools, gold could find some relief. Respect it like a major event.
The bigger picture:
Even with this pullback the major banks stay bullish gold longer term. JP Morgan still sees 6000 by year end and a record 45 percent of central banks plan to add gold. This looks like a correction within a longer bull story, not the end of it.
How to trade it:
The trend is down on gold for now, so trade with it, not against it. Mornings before the US session are the cleaner windows. Stand aside around Thursday PCE.
A steadier week to trade with discipline. Follow the dollar and respect Thursday.
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