Analysis of gold news: Spot gold fluctuated within a narrow range on Monday (September 4), and is currently trading around $1,938. Market risk sentiment is mild. The U.S. market is closed today due to a holiday, and overall trading is light. Expected to weaken, gold maintained a high consolidation pattern, waiting for further clues. It was boosted by a slight pullback in the dollar as market participants grew more confident that the Fed may have finished raising interest rates. At least seven Fed officials are due to speak this week, which could spark volatility in gold prices. A slew of economic indicators showed tame inflation and an easy labor market, boosting confidence that the U.S. economy is on course for a soft landing. Since the value of gold is generally inversely related to interest rates, traders are keeping a close eye on U.S. Treasury yields as an important determinant of gold’s future price. Upcoming speeches from at least seven Fed officials are expected this week to provide insight into the next policy meeting, scheduled for Sept. 19-20. It is worth noting that the New York Stock Exchange is closed on Monday, and the market’s large fluctuations may be limited. Therefore, it is possible to trade cautiously within this range during the day.
Today’s gold strategy: It is recommended that the callback should be low and mostly, and the rebound should be supplemented by high altitude. The upper part should focus on the first-line resistance of 1950, and the lower part should focus on the first-line support of 1923.
Analysis of crude oil news: U.S. crude oil fell slightly on Monday (September 4) and is currently trading around 85.6; OPEC’s efforts to reduce supply for months have dominated the spot market, while China has shown new determination to boost the economy. It is the key engine of global crude oil consumption, and the international oil price has soared all the way. Since April, Saudi Arabia has led the way in asking OPEC and its allies to cut output, boosting depressed oil prices. But since late June, crude prices have rebounded as Saudi Arabia’s crude supplies fell to multi-year lows, Russia stepped up its commitment to price-support measures and China stepped up efforts to boost its economy. Analysts said: “$85 is a huge psychological price. To break through and sustain it, we need confirmation that Saudi Russia extended the production cut agreement, and believe that China’s stimulus measures have begun to work and improve market sentiment. I think we will Break through $85 and hold, but may test and fail a few times first.” Prices were further supported by key U.S. employment data on Friday, with a higher-than-expected unemployment rate and slower wage growth fueling concerns over the end of the Fed’s policy hikes. Interest rate bets.
Today’s crude oil strategy: It is recommended to focus on rebounding from high altitudes, supplemented by callbacks from lows and multiples. The upper part focuses on the first-line resistance of 86.5, and the lower part focuses on the first-line support of 83.9.
Every trading execution needs to be cautious, the above strategies are only recommended for reference.
